Switzerland-based Union Bancaire Privée has completed its acquisition of Societe Generale’s UK wealth management arm, SG Kleinwort Hambros.
The deal, for an undisclosed sum, was first announced last August.
As of today, SG Kleinwort Hambros becomes Union Bancaire Privée (UK) Limited, with Mouhammed Choukeir appointed as its Chief Executive Officer.
He will lead all of UBP’s Wealth Management activities in the UK, Channel Islands, and Gibraltar and steer the integration of the teams.
All UBP London-based teams will move into a new office in Marylebone later this year.
With the transaction, UBP becomes one of the UK’s largest family-owned pure-play private banks, managing over £20bn of client assets with offices in London in addition to Guernsey, Jersey and Gibraltar.
UBP’s CEO, Guy de Picciotto, said: “This acquisition is a defining moment for UBP. 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.”
Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Societe Generale Private Banking (Switzerland) Ltd, a transaction which was completed in January 2025.
As a result, UBP’s total assets under management, which stood at £135.4bn (CHF 154.4bn) as of 31 December 2024, will increase by more than £21.9bn (CHF 25bn).
Headquartered in Geneva, UBP employs 2,140 people across more than 25 offices worldwide.
