Union Bancaire Privée, UBP SA agreed to acquire SG Kleinwort Hambros Limited from Société Générale Société anonyme (ENXTPA:GLE) on August 5, 2024. In a separate agreement Union Bancaire Privée also acquiring Societe Generale Private Banking (Suisse) SA from Société Générale. The combined deal price of around ?900 million including equity with a positive impact of around 10 basis points on the Group's CET1 ratio.

Both transactions are expected to be completed by the end of the first quarter of 2025. These two divestment projects are subject to the applicable social procedures, the usual conditions precedent and to approval by the relevant financial and regulatory authorities. According to the commitments made in these agreements, UBP would take over all activities operated by SG Kleinwort Hambros and Societe Generale Private Banking Suisse, as well as all client portfolios and employees within these entities.

Caurus Partners acted as financial advisor for Union Bancaire Privée, UBP SA.