Swiss private bank EFG completes Luxembourg takeover

Swiss private bank EFG International has completed the acquisition of the Luxembourg-based private banking activities of UBI Banca International.

Zurich-headquartered EFG said the acquisition of the business from Italian bankUnione di Banche Italiane would strengthen its presence in Luxembourg and reinforce its wealth management business in Europe.

It is the latest Swiss bank to cement its presence in Luxembourg, following moves by competitors like Julius Baer and J. Safra Sarasin.

The Luxembourg-based activities will be renamed EFG Banque Privée Luxembourg on an interim basis before the business is legally integrated into EFG Bank (Luxembourg) by year-end 2017.

UBI Banca International Luxembourg has assets under management of around €2.4 billion and assets under custody of around €1.5 billion. 

EFG has been on an acquisition spree and the completion of the UBI deal, which was first announced on 28 April 2016, comes only six months after the legal and operational integration of its former rival BSI's business in Luxembourg.

The combined business will offer a range of private banking, investment and wealth management services.

(Hannah Brenton, hannah.brenton@wort.lu, +352 4993 728)