Union Bancaire Privée (UBP) has signed a deal to buy Danske Bank’s wealth management business in Luxembourg, operating through Danske Bank International (DBI).

The Swiss private bank is acquiring DBI through its Europe unit in an asset deal.

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The transaction, whose financial details have not been disclosed, is expected to be completed in the fourth quarter of the year subject to receipt of regulatory approvals.

DBI, which has a presence Luxembourg since 1976, specialises in international private banking.

It mainly serves ultra-high-net-worth (UHNW) private clients from Nordic countries, who lives outside of their native countries, especially in Europe.

The company is said to have clients in nearly 60 countries globally.

UBP established its footprint in Luxembourg in 2002. It operates in the region through its wealth management subsidiary Union Bancaire Privée (Europe) and UBP Asset Management (Europe).

The deal will enable the company to bolster its activities in Luxembourg while increasing its assets under management (AUM) in the region to $35.63bn (CHF33bn).

It comes a few days after UBP announced its agreement to purchase Millennium Banque Privée – BCP (Suisse), a Swiss private bank fully owned by Banco Comercial Português.

UBP CEO Guy Picciotto said that the latest acquisition is an opportunity to strengthen the company’s growth strategy on the Nordics.

Danske Bank head of personal & business customers Glenn Söderholm added: “With UBP, we are confident that we have found the right partner for our customers, a partner who will continue to meet their individual needs with the highest possible quality, and at the same time be a good employer for our skilled and dedicated employees.”

UBP has a workforce of 1,812, who operate out of more than 20 locations across the globe.

In 2018, the private bank announced the acquisition of ACPI Investments, a London-based wealth manager, and ACPI IM’s Jersey operations.