Swiss private banking group EFG International has closed the acquisition of the Luxembourg-based private banking operations of UBI Banca International (Luxembourg) from Unione di Banche Italiane following the receipt of regulatory approvals.
The cash transaction adds around €2.4bn in revenue-generating assets and around €1.5bn in assets under custody to EFG’s books.
The acquired entity will operate as EFG Banque Privee Luxembourg on an interim basis before getting integrated into EFG Bank (Luxembourg) by the end of 2017. The combined group will provide private banking, investment and wealth management services.
The deal, whose financial terms were not disclosed, was first announced in April 2016. EFG said that the deal will not impact its regulatory capital position.
“The acquisition significantly strengthens EFG International’s presence in Luxembourg and reinforces the bank’s focus on growing its wealth management presence in Europe,” EFG said in a statement.