Swiss private bank Union Bancaire Privée’s (UBP) client assets rose by more than 11% year-on-year to CHF 171.7 billion, driven by recent acquisitions and assets and funds’ performance, according to its first half-year results for 2025.
The Geneva-based bank added CHF 17.3 billion (Swiss francs) in assets compared to the end of December 2024.The growth in assets was largely fuelled by the integration of Société Générale Private Banking (Suisse) SA and SG Kleinwort Hambros during the first half of the year. These acquisitions, along with investment performance contributing CHF 4.7 billion in gains, helped offset a CHF 13.2 billion currency-related decline due to the weakening of the US dollar against the Swiss franc.
In US dollar terms, UBP’s client assets went up 26.6% to $215.7 billion.Total income for the group reached CHF 736 million, a 9.7% increase compared to the first half of 2024. This was driven by a 9.1% rise in net interest income and a 9.2% increase in fees, supported by strong private client activity. The bank noted that the uplift in revenues was directly linked to the expanded asset base resulting from the acquisitions.
UBP completes acquisition of SG Kleinwort Hambros from Societe Generale
Operating expenses rose 16% year-on-year due to non-recurring costs related to the integration of the newly acquired businesses in Switzerland and the UK. Personnel expenses were also up by 13.1%, as UBP continued to strengthen its teams in Asia and reinforce its compliance and risk management capabilities. Group profit for the first six months stood at CHF 120.7 million, below the CHF 138.1 million reported in the same period last year.
However, the bank maintained a stable equity position, with total equity standing at CHF 2.77 billion. UBP’s key capital and liquidity ratios remain well above regulatory requirements. The liquidity coverage ratio was 294.6%, while the tier 1 capital ratio stood at 21.3%, showing the bank remains financially strong despite recent acquisitions.
“In the first-half period, we completed the acquisition of Societe Generale’s private banking activities in Switzerland and the United Kingdom, and the positive effects will materialise after the two entities have been fully integrated. Those transactions form part of our Group’s growth strategy, aimed at expanding the products and services we offer to private and institutional clients, whilst also strengthening our presence in priority markets. They also enabled us to post solid results in the context of a weak dollar, falling interest rates and greater market volatility,” commented Guy de Picciotto, UBP’s CEO.
