The Swiss private banking firm continues a recent run of acquisition moves.

Zurich-listed EFG International, which is in the process of bulking up with the acquisition of fellow Swiss private bank BSI, has chalked up another deal, agreeing to acquire the Luxembourg-based private banking activities of UBI Banca International (Luxembourg).

The acquisition brings over around €3.6 billion ($4.07 billion) of client assets, which EFG said will “significantly strengthen EFG International’s presence in Luxembourg”.

The deal comes amid continued consolidation and M&A activity in the Luxembourg-based private banking space. In December last year, for example, Julius Baer agreed to acquire Commerzbank International SA Luxembourg, a private banking franchise with almost €3 billion ($4.29 billion) assets under management. The deal also reinforces the trend of M&A in wealth management within Europe and the rest of the world. (Click here to see a recent report on data from consultancy Scorpio on M&A trends.)

EFG International is buying the business in cash from Unione di Banche Italiane; the financial amount was not disclosed. EFG said the deal will not materially affect its regulatory capital position. The transaction is expected to be completed during the first half of 2017.

UBI offers a range of private banking, wealth structuring, asset management and corporate banking services to private and corporate clients in Luxembourg. UBI’s branches in Madrid and Munich are excluded from the transaction, as are its fiduciary and corporate banking activities.

At the end of March, EFG International said that its acquisition of BSI from Brazil's BTG Pactual had got off to a "good start". (For more on that story, see here.)