EFG International, the Zurich-headquartered private banking group, is to acquire the Luxembourg-based private banking business of UBI Banca International.
Terms of the deal weren’t disclosed.
The acquisition of the Luxembourg business “will significantly strengthen EFG International’s presence in Luxembourg and will reinforce the bank’s focus on growing its wealth management presence in Europe”, EFG International said in a statement on Thursday.
UBI Banca International (Luxembourg), a part of Italy’s Unione di Banche Italiane, has around €3.6bn in assets under management. The parent company is based in Bergamo, Italy, and is one of Italy’s largest banks.
EFG specified that the transaction is being structured as a cash acquisition, and will have no material impact on its regulatory capital position.
The deal is expected to close during the first half of 2017, EFG said.
UBI’s branches in Madrid and Munich are not included in the deal, nor are its fiduciary and corporate banking activities.
EFG International’s group of private banking businesses operates in around 30 locations worldwide, with around 2,200 employees. The company is listed on the SIX Swiss Exchange.