The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Union Bancaire Privée, SG Kleinwort Hambros
Geneva-headquartered Union Bancaire Privée (UBP) has completed its acquisition of SG Kleinwort Hambros from Société Générale, marking a milestone in the bank’s international growth strategy. 

The deal was first agreed last August. Effective on 1 April, SG Kleinwort Hambros is now Union Bancaire Privée (UK), with Mouhammed Choukeir appointed as its chief executive officer. He will lead UBP’s Wealth Management activities in the UK, Channel Islands, and Gibraltar and steer the integration of the teams while defining a strategy for integrated wealth and asset management solutions for both domestic and international clients. All UBP London-based teams will move into a new office in Marylebone later this year.

With this transaction, UBP said it has become one of the UK’s largest family-owned pure-play private banks, managing over £20 billion ($25.8 billion) of client assets with offices in London and other key locations across the UK, in addition to Guernsey, Jersey, and Gibraltar. 

The integration of SG Kleinwort Hambros’ teams into UBP’s UK operations will strengthen the bank’s expertise in delivering wealth and asset management solutions for private and institutional clients. UBP said it has maintained a strong presence in the UK for nearly three decades, steadily expanding its wealth and asset management capabilities. 

"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,” UBP’s CEO, Guy de Picciotto, said.

“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,” Mouhammed Choukeir, CEO of Union Bancaire Privée (UK), added.

Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Société Générale Private Banking (Switzerland), a transaction which was completed in January 2025. As a result, UBP’s total assets under management, which stood at £135.4 billion, will increase by more than £21.9 billion.

UBP, which manages SFr154.4 billion ($175 billion) in client assets, has more than 25 offices worldwide.