Union Bancaire Privée (UBP) has acquired Banque Carnegie Luxembourg (BCL), boosting its assets under management in Luxembourg to nearly CHF 24 billion.
UBP CEO Guy de Picciotto said in a statement: 'In a period where access to the European Union is crucial, we are extremely pleased with this transaction, which reflects our desire to reinforce our presence in Luxembourg.
'Furthermore, this acquisition complements UBP both geographically and culturally, bringing extensive knowledge of Nordic markets, which are key for our bank.'
According to Björn Jansson, CEO of Carnegie Investment Bank, this move allows UBP to use its 'necessary capacity' to develop products and services in Luxembourg, while allowing Carnegie to focus on its domestic Nordic market.
Neither bank has disclosed the price of the acquisition, and a spokesperson for UBP said any layoffs or hirings as a consequence of the deal have not yet been determined.
More details are expected to come at the end of the year when the transaction becomes final.
BCL is a subsidiary of Carnegie Investment Bank, which is based in Stockholm and primarily serves Nordic clients.