Banco Comercial Português (BCP) is to sell its Swiss private bank, Millennium Banque Privée – BCP, to Union Bancaire Privée.
The share deal is subject to the approval of relevant regulatory bodies and expected to complete in the fourth quarter of 2021.
Financial terms will not be disclosed.
The acquisition will increase UBP’s assets under management by more than CHF 4bn.
As of 31 December 2021, AUM at Swiss bank stood at CHF 147.4bn.
Millennium Banque Privée was founded in Geneva in 2002 and is fully owned by BCP. It specialises in providing private banking services to individual and institutional clients.
Its focus on Europe, Latin America and Africa will help broaden UBP’s footprint in selected countries, including Portugal and Brazil.
Guy de Picciotto, chief executive of UBP, stated: “This acquisition enables UBP to reinforce its presence in Europe as well as in key developing markets. “We are extremely pleased to onboard skilled and experienced teams, and are looking forward to providing clients with an even broader range of high-quality wealth and investment management solutions.”