Fresh Acquisitions Boost UBP’s AUM in First Half
Geneva-based Union Bancaire Privée saw client assets climb higher in the first six months of 2025 due to the integration of two recent acquisitions.
UBP saw client assets rise 11.2 percent year-on-year in the first half of 2025 to 171.7 billion Swiss francs ($213.4 billion), according to the bank’s financial results. This was mainly driven by the integration of two recent acquisitions – Societe Generale's private banking businesses in Switzerland the UK, the latter of which is called SG Kleinwort Hambros.
In addition, positive market performance contributed to an increase of 4.7 billion francs, which was offset by the US dollar’s rapid decline against the Swiss franc.
Profit Slips From Higher Expenses
Group profit was 120.7 million francs, compared to 138.1 million francs in the same period last year.
While income rose 9.7 percent to 736 million francs due to asset growth and higher levels of private client transactions, this was offset by a 16 percent increase in expenses, mainly from integration costs. Personnel costs were also up 13.1 percent, driven by late 2024 hiring of new relationship managers in Asia, strengthening of compliance and risk management teams and ongoing integrations.
«In the first-half period, we completed the acquisition of Societe Generale’s private banking activities in Switzerland and the United Kingdom, and the positive effects will materialize after the two entities have been fully integrated,» said UBP CEO Guy de Picciotto. «Those transactions form part of our Group’s growth strategy, aimed at expanding the products and services we offer to private and institutional clients, whilst also strengthening our presence in priority markets.»
