In a deal struck with the Portuguese Commercial Bank, UBP is acquiring the lender's Geneva-based private banking business to expand client access in Brazil and Portugal and bolster Swiss domestic coverage.

In an undisclosed share deal, Swiss private bank Union Bancaire Privée has agreed to buy Millennium Banque Privée, the Swiss private banking arm of Porto-based Banco Comercial Português SA.

The deal is subject to the usual regulatory approvals and is expected to complete in the fourth quarter of 2021, the parties said in a statement on Tuesday.

José Salgado was appointed in 2002 to oversee the launch of Millennium Banque Privée in Geneva and has been the general manager since 2003. Millennium is fully owned by the Portuguese bank and specialises in private banking services for individual and institutional clients, with a focus on Europe, Latin America and Africa.

The acquisition is expected to increase UBP’s assets under management by more than SFr4 billion, which stood at SFr147 billion in the fourth quarter of 2020.

With fierce competition for new clients and talent to attract them, the addition of Millennium’s private banking team will broaden UBP’s footprint in several countries, including Portugal and Brazil, and reinforce its Geneva capabilities, the bank said.

“This acquisition enables UBP to reinforce its presence in Europe as well as in key developing markets. We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality wealth and investment management solutions,” UBP CEO Guy de Picciotto, said.

The financial terms of the deal were not disclosed.