Union Bancaire Privée (UBP) has completed its acquisition of SG Kleinwort Hambros from Société Générale, strengthening its presence in the UK market.
From today, SG Kleinwort Hambros becomes Union Bancaire Privée (UK) Limited, with Mouhammed Choukeir (pictured) appointed as CEO. He will lead all of UBP’s Wealth Management activities in the UK, Channel Islands, and Gibraltar.
All UBP London-based teams will move into a new office in Marylebone later this year.
The deal makes UBP one of the UK’s largest family-owned private banks, managing over £20bn of client assets in the UK. It has offices in London, across the UK and in Guernsey, Jersey, and Gibraltar, from which it delivers wealth and asset management solutions for private and institutional clients.
Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Société Générale Private Banking (Switzerland), a transaction which completed in January 2025.
As a result, UBP’s total global assets under management, which stood at £135.4bn as of 31 December 2024, will increase by more than £21.9bn. UBP has more than 25 offices worldwide and employs more than 2,000 professionals.
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UBP’s CEO, Guy de Picciotto, said: “This acquisition is a defining moment for UBP. It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management. Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions.”
Choukeir added: “Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the bank’s global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients. This acquisition is not just a milestone for UBP; it’s an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.”