Société Générale Sells Swiss and UK Units to UBP

Société Générale has announced the sale of its private banking business in Switzerland and its asset management unit in the UK and Channel Islands to Union Bancaire Privée (UBP) for approximately €900 million. The transaction is expected to close by the end of Q1 2025.

This sale follows Société Générale’s strategic shift to divest less profitable units to raise capital, after struggling with higher costs and declining new fund inflows. Earlier this year, the bank sold several units in Africa. Despite these moves, CEO Slawomir Krupa’s restructuring efforts have not significantly boosted the bank’s stock, which recently fell by about 20%.

UBP, a Geneva-based private bank owned by the de Picciotto family, has been actively acquiring assets over the years, including DBTC, ABN AMRO, Coutts International, and Danske Bank International. The acquisition of Société Générale’s units will enhance UBP’s presence in Switzerland, the UK, and the Channel Islands.

UBP CEO Guy de Picciotto had indicated a willingness for further acquisitions earlier this year, and this deal aligns with UBP’s growth strategy. Given UBP’s experience in managing acquisitions, the integration of these units is expected to proceed smoothly.