# Union Bancaire Privée: the Geneva family bank built through acquisitions

> Union Bancaire Privée — the family-owned Geneva private bank with CHF 190+bn of client assets: legal entities and regulators by country, 11–12 booking centres, acquisition history and deposit protection.

Author: Adam Ihsan — Venture Partner (https://wiki.private.law/en/authors/adam)
Last modified: 2026-10-26T13:35:00.000Z
Canonical: https://wiki.private.law/en/ubp-union-bancaire-privee
Publisher: wiki.private.law (https://wiki.private.law)
Version: 3ffceea009321ec65d3c2bbfa17cfb8ffc715be2c0cd1c286c95e33644ec8bbe
Cite as: Union Bancaire Privée: the Geneva family bank built through acquisitions. wiki.private.law. https://wiki.private.law/en/ubp-union-bancaire-privee. Version 3ffceea009321ec65d3c2bbfa17cfb8ffc715be2c0cd1c286c95e33644ec8bbe.
Topics: banking
Jurisdictions: switzerland, luxembourg, monaco, uk, singapore, hong-kong, uae
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, custody, lombard-credit, family-office
Semantic tags: private-banking, bank, wealth-planning, investment, custody, lombard-credit, family-office

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## Concept

**Union Bancaire Privée, UBP SA** is a Geneva bank specialising in private wealth management and institutional asset management. **Type**: a pure-play private bank in family ownership — 100% held by the [de Picciotto family](https://www.ubp.com/en/about-us/discover-ubp) through CBI Holding (98.99% of voting rights); not listed. Founded in 1969 by Edgar de Picciotto; the CEO is Guy de Picciotto (since 1998). Moody's long-term deposit rating is Aa2 (confirmed July 2025, negative outlook).

## History and evolution

The bank grew through acquisitions: American Express Bank in 1990 (the largest Swiss banking merger at the time, quadrupling its size), then ABN AMRO's Swiss private bank (2011), Lloyds' international private bank (2013), Coutts International (2015), Banque Carnegie Luxembourg and London's ACPI (2018), Millennium Banque Privée (2021) and Danske Bank International ([completed 31 January 2022](https://danskebank.com/news-and-insights/news-archive/news/2022/31012022)).

The largest recent step was the purchase of Société Générale's [Swiss private bank and SG Kleinwort Hambros](https://funds-europe.com/ubp-completes-acquisition-of-sg-kleinwort-hambros-from-societe-generale/): completed in January and March–April 2025, with the UK entity renamed Union Bancaire Privée (UK) Limited; the Kleinwort Hambros Channel Islands trust company was subsequently [sold to JTC](https://www.ubp.com/zh/news-insights/newsroom/jtc-and-ubp-reach-agreement-on-jtc-s-proposed-acquisition-of-kleinwort-hambros-trust-company-limited-in-the-channel-islands-and-the-uk) (November 2025). In November 2025 the bank [opened a Riyadh office](https://www.ubp.com/en/news-insights/newsroom/union-bancaire-privee-opens-new-office-in-saudi-arabia-and-appoints-head-to-lead-local-growth) under a [CMA advisory licence](https://www.ubp.com/en/contact/our-offices/ubp-saudi-arabia).

Client assets reached [CHF 184.5bn at end-2025 (+19.5%)](https://www.ubp.com/en/news-insights/newsroom/annual-results-2025) and exceeded CHF 190bn by mid-2026; over 2,600 staff and a 23.1% Tier 1 ratio.

> 🍓 UBP SA (Geneva) is a licensed Swiss bank supervised by FINMA; deposits booked in Switzerland are covered by [esisuisse — up to CHF 100,000 per client](https://www.esisuisse.ch/en). The Luxembourg subsidiary Union Bancaire Privée (Europe) S.A. is supervised by the CSSF, with deposits covered by the [FGDL up to €100,000](https://www.ubp.com/files/live/sites/ubp/files/documents/offices/LUX_Deposit_Protection_FGDL_EN.pdf); UBP (UK) Limited participates in the FSCS (limit £120,000 since December 2025). Custody securities remain the client's property.

## Regulation

- **FINMA** — UBP SA (Geneva) and the Zurich branch;
- **CSSF** — Union Bancaire Privée (Europe) S.A. (Luxembourg), with branches in Milan and Lisbon;
- **CCAF / ACPR** — the Monaco branch;
- **PRA / FCA** — Union Bancaire Privée (UK) Limited (London, Leeds, Edinburgh, Cambridge, Newbury); **GFSC** — the Guernsey branch; **JFSC** — the UBP SA branch in Jersey; **Gibraltar FSC** — the Gibraltar branch;
- **MAS** — the Singapore branch ([Wholesale Bank](https://eservices.mas.gov.sg/fid/institution/detail/3547-UNION-BANCAIRE-PRIVEE-UBP-SA) licence); **HKMA** — the Hong Kong branch;
- **DFSA** — Union Bancaire Privée (Middle East) Limited in the DIFC (advisory office);
- **ISA** — UBP Investment Services Ltd (Tel Aviv, advisory); **CMA** — Riyadh (advisory).
## Source of funds and compliance

The bank publishes no onboarding rulebook; the segment standard applies: passport, proof of address, documented [source of funds and source of wealth](https://wiki.private.law/en/source-of-funds), CRS/FATCA self-certification; non-residents are accepted through the international booking centres. Dated regulatory episodes: a US Department of Justice non-prosecution agreement under the Swiss Bank Program (January 2016, a US$187.8m penalty covering 2,919 US-related accounts) with a [2020 addendum of US$14m](https://www.justice.gov/archives/opa/pr/justice-department-announces-addendum-swiss-bank-program-category-2-non-prosecution-agreeme-2), and a settlement with the Madoff trustee (~US$500m, 2010). These belong to the bank-secrecy era; current onboarding runs on a full documentary trail.

> 💡 Prepare the source-of-wealth file in advance: the larger the sum, the deeper compliance traces the chain to the origin. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/en/source-of-funds).

## Who it serves

- **HNW and UHNW clients**: no official minimum is published; industry estimates put entry at CHF 500,000+ and full coverage at CHF 1–3m;
- **non-residents** booking in Geneva, Zurich, London, Jersey, Guernsey, Gibraltar, Luxembourg, Monaco, Singapore or Hong Kong;
- **families and family offices** — dedicated teams across Geneva, Zurich, London, Dubai, Luxembourg and Monaco;
- [**external asset managers**](https://wiki.private.law/en/eam-external-asset-manager) — a dedicated desk with 200+ counterparties and around CHF 23bn of assets.
## Services

### Wealth management

- discretionary and advisory mandates plus execution;
- **alternatives**: investing in hedge funds since 1972, first fund of hedge funds in 1986; relaunched as Alternative Investment Solutions (2023);
- **private markets** — a team established in 2015, around US$5bn under management.
### Lending

- [lombard loans](https://wiki.private.law/en/lombard-lending) and leveraged lending;
- UK mortgages.
### Investment products

- structured products;
- institutional asset management via the Asset Management arm.
### Wealth planning

- family-office services and estate planning across six locations;
- wealth structuring alongside the client's external counsel.
## Entities and booking centres

Around 30 locations and roughly 11–12 booking centres.

| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
| --- | --- | --- | --- |
| Switzerland | UBP SA (Geneva) + Zurich branch | parent bank, FINMA | main booking centre |
| Luxembourg | Union Bancaire Privée (Europe) S.A. | subsidiary, CSSF; Milan and Lisbon branches | EU booking centre |
| Monaco | UBP SA, Monaco branch (since 2014) | branch, CCAF/ACPR | booking centre |
| UK | Union Bancaire Privée (UK) Limited (formerly SG Kleinwort Hambros Bank) | subsidiary, PRA/FCA | booking centre; offices in five cities |
| Jersey / Guernsey / Gibraltar | UBP SA branch (Jersey); UBP (UK) Ltd branches | JFSC / GFSC / Gibraltar FSC | island booking |
| Singapore | UBP SA, Singapore Branch | branch, MAS (Wholesale Bank) | Asia booking centre |
| Hong Kong | UBP SA, Hong Kong Branch | branch, HKMA | Asia booking centre |
| UAE | Union Bancaire Privée (Middle East) Limited (DIFC) | DFSA licence since 2011 | advisory; assets booked at the booking centres |
| Israel | UBP Investment Services Ltd (Tel Aviv) | ISA investment-marketing licence | advisory, no booking |
| Saudi Arabia | UBP KSA (Riyadh, since November 2025) | CMA advisory licence | advisory, no booking |

Separately, investment arms operate in France, Japan, China, South Africa, Bermuda and Australia; Nassau (Bahamas) no longer appears in the office list.

## Strengths

- family ownership and independence: decisions without quarterly-earnings pressure;
- a Moody's Aa2 rating and a 23.1% Tier 1 ratio — among the most capitalised profiles in the segment;
- rare depth in alternatives: half a century in hedge funds plus private markets;
- a UK platform from the Société Générale deal and island booking;
- a developed external-asset-manager desk.
## Where it does not fit

- clients who want a published entry threshold — the bank does not disclose one; only industry estimates exist;
- business operating payments — this is not a transactional bank;
- portfolios centred on crypto assets — no dedicated custody;
- US clients: after the 2016 settlement the American segment is not a focus.
UBP is a family-owned Geneva house grown through acquisitions to CHF 190+bn: strong capitalisation, half a century of hedge-fund expertise and a fresh UK platform. The trade-offs are unpublished thresholds and limited transactional functionality.

## Q/A

### Entry and booking

### What minimum capital is needed for a UBP account?

The bank publishes no official minimum. Industry estimates cite entry from CHF 500,000 and full coverage from CHF 1–3m; exact terms are agreed individually with the banker and depend on residence and the wealth structure.

### What did the Société Générale private-bank acquisition bring?

The 2024–2025 deal added SocGen's Swiss business and Britain's Kleinwort Hambros, renamed UBP (UK) Limited — with offices in five cities and island branches. The Channel Islands trust company was subsequently sold to JTC, keeping the banking core.

### What does the deposit guarantee cover?

Switzerland — esisuisse CHF 100,000 per client; Luxembourg — FGDL €100,000; UK — FSCS (£120,000 since December 2025). Custody securities are not covered by the schemes, but in a bank failure they are returned to the owner as the client's property.

### History and supervision

### Is the 2016 US DOJ penalty a current risk?

It was a bank-secrecy-era settlement: US$187.8m over US-related accounts plus a US$14m addendum in 2020. The obligations were fulfilled and the matter closed; today's onboarding is built on a full documentary trail and CRS reporting.

### Is UBP suitable for an external asset manager?

Yes — this is one of its signature businesses: a dedicated EAM desk, more than 200 manager counterparties and around CHF 23bn of assets on the model. Custody stays with the bank while management sits with the external adviser under contract.

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