Union Bancaire Privée, UBP SA and ABN AMRO Bank NV have entered into an agreement whereby UBP will acquire ABN AMRO Bank (Switzerland) AG. The cash transaction, which is subject to the usual completion conditions and the approval of the relevant regulatory bodies, is expected to be finalised during the fourth quarter of 2011.

ABN AMRO Bank (Switzerland) AG is a pure Swiss private bank which held EUR11 billion in client assets under management as at the end of the first quarter of 2011. It employs over 350 staff and has operations in Zurich, Geneva, Lugano, and Basle. With this acquisition, UBP adds 20% to its overall assets under management and expands its core Swiss private banking business.

Guy de Picciotto, CEO of UBP, says: “ABN AMRO Bank (Switzerland) AG is a solid and high-quality private bank. We are very pleased with this transaction which adds scale to our domestic platform and further strengthens our position at the forefront of the wealth management industry in Switzerland.”

Michel Longhini (pictured), Executive Managing Director of UBP’s Private Banking division, adds: “By putting together our complementary strengths and teams, we will be able to provide the clients of the combined group with an even broader range of high-quality wealth and investment management solutions.”

The financial terms of the transaction have not been disclosed.