Swiss private bank Union Bancaire Privée (UBP) has completed the acquisition of SG Kleinwort Hambros, a private bank covering the UK, Channel Islands and Gibraltar, from Societe Generale.

Following the acquisition, SG Kleinwort Hambros has been rebranded to Union Bancaire Privée (UK) Limited, with Mouhammed Choukeir appointed as its chief executive officer.

Choukeir will lead all UBP’s wealth management activities in the UK, Channel Islands, and Gibraltar.

He will also steer the integration of the teams while developing a strategy for integrated wealth and asset management solutions for domestic and international clients.

SG Kleinwort Hambros’ staff will be integrated into UBP’s UK operations, which the bank said would further develop its capabilities in delivering bespoke wealth and asset management solutions.

Alongside the acquisition of SG Kleinwort Hambros, UBP has also acquired Societe Generale Private Banking (Switzerland) Ltd.

The bank said the acquisitions would result in its assets under management increasing by £21.9bn.

"This acquisition is a defining moment for UBP,” commented UBP chief executive officer, Guy de Picciotto.

“It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management.

“Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions."

Choukeir added: “Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the bank’s global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients.

“This acquisition is not just a milestone for UBP; it’s an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.”

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