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«swiss banking» miracle in the bahamas. far from the spotlight of the swiss financial sector, former bankers have built a private banking empire with assets under management totaling $50 billion. at the core of this empire is a bank based in the bahamas. the name union capital group may not be one of the most well-known in the industry, however it seemingly represents a resounding success: founded less than twenty years ago, the group now claims to manage over $50 billion in client assets, with twelve offices across nine countries, including singapore, hong kong, dubai, taiwan, and florida. key components of the group include the swiss wealth manager ucap wealth management and capital union bank, which was established just over a decade ago, in 2013, in nassau, bahamas. founded in 2006. the origins of this global conglomerate, which specializes primarily in wealthy private clients, trace back to geneva. there, former hsbc investment banker clément ducasse founded an advisory boutique under the name union capital group, initially focusing on institutional business with structured products and derivatives. in 2011, a prominent figure from swiss private banking joined the company: lawrence d. howell, an american who co-founded efg international in 1995 and served as its ceo until 2011. under his leadership, efg evolved from a finance start-up into one of switzerland's top ten private banks. three former efg bankers. together, they established the aforementioned bank in the bahamas in 2013, which became a cornerstone for their future focus on private banking. ludovic chechin-laurans, who had built various franchise companies during his time at efg and had served as ceo of efg in the bahamas, was also involved from the start. another former efg executive, patrick zbinden, took over as ceo of the bahamas bank three years ago. as long-time head of m&a integration at efg international, he had overseen 25 acquisitions and was involved in scaling efg asset management from $3 billion to $30 billion. union capital group does not publish detailed financial figures at the group level. cost-income ratio of 24 percent. according to the bank's published annual report, the balance sheet exceeded $2 billion in 2023, with revenues of $166.7 million. after deducting costs, the bank reported a profit of $125.5 million— a record in its brief history. the company has been profitable since 2015. the bank, managed by former swiss private bankers, has a cost-income ratio of just over 24 percent. «arm's length». when asked about the assets under management for the bank and ucap wealth management, the two firms declined to provide specific numbers. they only confirmed that both companies are part of the union capital group, «an alliance of independent financial institutions», and that they operate strictly on an «arm's length basis». industry insiders estimate that the bank's assets under management amount to around $40 billion.
«Swiss Banking» Miracle in the Bahamas
Far from the spotlight of the Swiss financial sector, former bankers have built a private banking empire with assets under management totaling $50 billion. At the core of this empire is a bank based in the Bahamas.
The name Union Capital Group may not be one of the most well-known in the industry, however it seemingly represents a resounding success: founded less than twenty years ago, the group now claims to manage over $50 billion in client assets, with twelve offices across nine countries, including Singapore, Hong Kong, Dubai, Taiwan, and Florida.
Key components of the group include the Swiss wealth manager UCAP Wealth Management and Capital Union Bank, which was established just over a decade ago, in 2013, in Nassau, Bahamas.
Founded in 2006
The origins of this global conglomerate, which specializes primarily in wealthy private clients, trace back to Geneva. There, former HSBC investment banker Clément Ducasse founded an advisory boutique under the name Union Capital Group, initially focusing on institutional business with structured products and derivatives.
In 2011, a prominent figure from Swiss private banking joined the company: Lawrence D. Howell, an American who co-founded EFG International in 1995 and served as its CEO until 2011. Under his leadership, EFG evolved from a finance start-up into one of Switzerland's top ten private banks.
Three Former EFG Bankers
Together, they established the aforementioned bank in the Bahamas in 2013, which became a cornerstone for their future focus on private banking. Ludovic Chechin-Laurans, who had built various franchise companies during his time at EFG and had served as CEO of EFG in the Bahamas, was also involved from the start.
Another former EFG executive, Patrick Zbinden, took over as CEO of the Bahamas bank three years ago. As long-time Head of M&A Integration at EFG International, he had overseen 25 acquisitions and was involved in scaling EFG Asset Management from $3 billion to $30 billion.
Union Capital Group does not publish detailed financial figures at the group level.
Cost-Income Ratio of 24 Percent
According to the bank's published annual report, the balance sheet exceeded $2 billion in 2023, with revenues of $166.7 million. After deducting costs, the bank reported a profit of $125.5 million— a record in its brief history. The company has been profitable since 2015.
The bank, managed by former Swiss private bankers, has a cost-income ratio of just over 24 percent.
«Arm's Length»
When asked about the assets under management for the bank and UCAP Wealth Management, the two firms declined to provide specific numbers. They only confirmed that both companies are part of the Union Capital Group, «an alliance of independent financial institutions», and that they operate strictly on an «Arm's Length Basis».
Industry insiders estimate that the bank's assets under management amount to around $40 billion.
