Société Générale sells its Swiss private banking unit to UBP: the advisors
Bär & Karrer is acting as Swiss legal counsel to Société Générale in the proposed sale of its Swiss private banking unit Société Générale Private Banking (Suisse) to Union Bancaire Privée (UBP), advised by Lenz & Staehelin (which acted as a global counsel). Macfarlanes advised UBP on all English law aspects.
About the transaction
The transaction occurs in parallel to the proposed sale of SG Kleinwort Hambros in the UK, for a combined value of €900 million. With these transactions, UBP increases its footprint in Switzerland while pursuing its expansion strategy in the UK where the Bank has been present for nearly three decades, both in wealth and asset management activities.
As of the end of December 2023, the assets under management for the relevant British and Swiss private banking units totaled nearly €25 billion. The proposed sales are a key component of Société Générale’s strategic plan to streamline its business model and strengthen its capital base, and is contingent upon regulatory approvals.
Bär & Karrer team
The Bär & Karrer team, led by Cédric Chapuis (pictured above), acts alongside international counsel Norton Rose Fulbright and includes key contributions from Ronny Schmid (M&A), Christoph Suter and Alice Johnson (both tax).
Lenz & Staehelin team
The Lenz & Staehelin team was led by Shelby du Pasquier (pictured below left) and David Lederman (pictured below right), with support from Manuela Scerri, Eleni Cristou and Coraline Jenny, as well as Benoît Merkt.
