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Union Bancaire Privée to acquire Luxembourg private bank from Carnegie

Union Bancaire Privée UBP SA will acquire, through unit Union Bancaire Privée (Europe) SA, the Luxembourg-based private banking subsidiary of Sweden's Carnegie Investment Bank AB (publ).

The acquisition of Banque Carnegie Luxembourg SA will boost UBP's presence in Luxembourg and increase its assets under management in the country to nearly CHF24 billion for both private banking and asset management.

The transaction is expected to complete during the fourth quarter, subject to relevant regulatory approvals. The financial terms of the deal will not be disclosed, UBP said May 31.

Banque Carnegie Luxembourg was established in 1976 and offers international private banking services to Nordic clients.