Société Générale has agreed to sell SG Kleinwort Hambros and Société Générale Private Banking Suisse to Union Bancaire Privée for approximately €900 million as part of its strategy to streamline operations and enhance capital.

Target Information

Société Générale has entered into agreements with Union Bancaire Privée, UBP SA (UBP), a Swiss bank specialized in wealth and asset management, to divest SG Kleinwort Hambros and Société Générale Private Banking Suisse, operating primarily in London and Geneva respectively. These divestitures are part of Société Générale's strategic roadmap aimed at creating a simplified, more synergetic, and efficient model while strengthening the Group's capital base.

The activities involved in these agreements manage nearly €25 billion in assets as of December 2023. The transactions are expected to be structured as sales of the relevant legal entities, with a total transaction price of approximately €900 million. This deal is projected to have a positive impact of about 10 basis points on the Group's CET1 ratio, effective upon completion, anticipated by the end of the first quarter of 2025.

Industry Overview

The wealth management sector in Switzerland is recognized as one of the most robust globally, characterized by a mature market structure and strong regulatory standards. Switzerland's banking landscape has a long tradition of confidentiality, personalized servi