Union Bancaire Privée is upholding its rank as one of the frequent acquirers of private banking assets. The Genevan wealth manager is still hungry, according to Guy de Picciotto.
Two deals in one week for Union Bancaire Privée or UBP, which is controlled by the de Picciotto family: first it swallowed Portuguese Banco Comercial Português' Swiss arm then it doubled down with Danske Bank's business in Luxembourg.
The ability to acquire at a rapid pace but also to integrate the deals is almost routine for UBP now, after honing the aggressive strategy since 2013, including on deals with ABN Amro, Coutts, and Lloyds kaufte.
Eyeing French Banks
There is no end of the approach in sight, UBP boss Guy de Picciotto tells «Le Temps» (behind paywall, in French) in an interview on Friday.
«Consolidation never stopped. We are always looking at opportunities in the market, but the aims of both sides have to fit,» de Picciotto, son of bank founder Edgar de Picciotto, told the outlet. Many banks are focusing more strongly on domestic markets, which has led to disposals of some parts.
«Our transactions until now are part of this trend. There are still a lot of potential targets – maybe one day the French banks,» Guy de Picciotto said. He added that prices for targets are relatively stable, and that he believes this won't change.
Few Chances In Asia
While consolidation has been a hot topic since the 2008/09 financial crisis, many firms have been able to stay afloat despite substantial structural pressure. Favorable stock markets have helped alleviate some of the pressure.
«I would like to acquire in Asia but there are fewer opportunities there. We're always looking in the markets we're active in, be it Switzerland, Europe, the Middle East, or Asia,» the UBP boss said.
