France Societe Generale to Sell UK & Switzerland Private Banking Subsidiaries with $27 Billion AUM to Switzerland Union Bancaire Privée (UBP) for $986 Million, 2 Subsidiaries are UK-Based SG Kleinwort Hambros & Switzerland-Based Societe Generale Private Banking Suisse, UBP AUM Currently at $175 Billion & to Increase by $27 Billion to $202 Billion
6th August 2024 | Hong Kong
France Societe Generale has announced to sell the UK & Switzerland private banking subsidiaries with $27 billion AUM (EUR 25 billion) to Switzerland Union Bancaire Privée (UBP) for $986 million (EUR 900 million). The 2 subsidiaries are UK-based SG Kleinwort Hambros, and Switzerland-based Societe Generale Private Banking Suisse. UBP AUM is currently at $175 billion, and will increase by $27 billion to $202 billion (CHF 150 billion) after the acquisition. Societe Generale (5/8/24): “Societe Generale has signed agreements with Union Bancaire Privée, UBP SA (UBP), a Swiss bank specialised in wealth and asset management, for the sale of SG Kleinwort Hambros and Societe Generale Private Banking Suisse operating respectively in the United Kingdom and Switzerland. These sales are part of the execution of Societe Generale’s strategic roadmap targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base. Societe Generale intends to pursue the development strategy of its private bank by relying on its leading positions in France and abroad, in Luxembourg and Monaco, to support its high-net-worth clients thanks to its expertise and recognised services. The assets under management of the businesses covered by these agreements amount to almost €25 billion at the end of December 2023. These transactions would be structured as sales of relevant legal entities. They would be implemented at a total price of around EUR 900 million including equity with a positive impact of around 10 basis points on the Group’s CET1 ratio, on the expected completion dates which could take place by the end of the first quarter of 2025. According to the commitments made in these agreements, UBP would take over all activities operated by SG Kleinwort Hambros and Societe Generale Private Banking Suisse, as well as all client portfolios and employees within these entities. These two divestment projects are subject to the applicable social procedures, the usual conditions precedent and to approval by the relevant financial and regulatory authorities. In 2024 July, Societe Generale announced to buy 75% of sustainable infrastructure asset manager Reed Management SAS, and to invest EUR 250 million as anchor investor into the inaugural fund. Reed Management SAS will be rebranded as Reed-Societe Generale Group, led by Reed founder & CEO Julien Touati.
“ France Societe Generale to Sell UK & Switzerland Private Banking Subsidiaries with $27 Billion AUM to Switzerland Union Bancaire Privée (UBP) for $986 Million, 2 Subsidiaries are UK-Based SG Kleinwort Hambros & Switzerland-Based Societe Generale Private Banking Suisse, UBP AUM Currently at $175 Billion & to Increase by $27 Billion to $202 Billion “
UBP’s CEO, Guy de Picciotto: “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 investment solutions. This acquisition represents a meaningful add-on to UBP’s capabilities in Switzerland and reaffirms our long-term commitment to the UK, which will become a new growth engine for the Group.”
Societe Generale Buys 75% of Sustainable Infrastructure Asset Manager Reed Management SAS & to Invest EUR 250 Million as Anchor Investor into Inaugural Fund, Rebranded as Reed-Societe Generale Group & Led by Reed Founder & CEO Julien Touati
2nd August 2024 – Societe Generale has announced to buy 75% of sustainable infrastructure asset manager Reed Management SAS, and to invest EUR 250 million as anchor investor into the inaugural fund. Reed Management SAS will be rebranded as Reed-Societe Generale Group, led by Reed founder & CEO Julien Touati. Societe Generale (31/7/24): “Societe Generale announces the project to acquire a majority stake in Reed Management SAS, an alternative asset management company founded by seasoned energy investment specialists. As an anchor investor, the Group commits to invest EUR 250 million in the inaugural fund. The fund would be launched before year end and would support equity investments in emerging leaders of the energy transition. In its strategic roadmap last September, Societe Generale announced a EUR 1 billion energy transition investment in emerging leaders, nature-based solutions and impact-driven opportunities to support the United Nations Sustainable Development Goals (SDGs). This initial EUR 250 million commitment, which could be increased up to EUR 350 million, is part of the EUR 700 million equity envelope, and relates to emerging leaders. Considered investments would include hybrid infrastructure projects combining technology and industrial know-how in energy, water and waste. Reed Management SAS is an investment management company that focuses on essential infrastructure with scalable and affordable sustainable solutions. The firm was founded by Julien Touati, a well-known alternative investment specialist with nearly 20 years of experience across infrastructure and energy transition, including 12 years at Meridiam where he successfully launched and managed Meridiam Transition Fund. In the context of the acquisition, Societe Generale would acquire 75% of the company which would be branded “Reed – Societe Generale Group” and would be led by Julien Touati as Chief Executive Officer. REED’s ambition is to establish itself as a leading global investor in energy transition. Investments would be via direct equity participation in emerging leaders of the low-carbon transition – firms that could contribute to the emergence of European energy transition champions. Built on a conviction that supporting the energy transition requires an innovative investment approach, REED’s strategy for creating value would be anchored in its hybrid infrastructure playbook and ability to combine de-risking and scaling of portfolio companies and projects … … The closing of the acquisition is expected in September 2024 and is subject to customary closing conditions.”
Slawomir Krupa, CEO of Societe Generale: “This acquisition is a new step in the execution of the Group strategic roadmap, as part of our ambition to bolster our ESG leadership. Societe Generale aims at boosting investments to support the specific financing needs of emerging leaders which require bespoke capital to deploy their innovative energy solutions. I firmly believe in the development of this complementary investment capacity which would enrich Societe Generale’s expertise in energy, infrastructure and mobility sectors, and offer a continuum of equity and debt solutions. I am delighted that Julien Touati, a recognized professional in his field, would run REED.”
Societe Generale – Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- International Retail, Mobility & Leasing Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
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