Private bank and finance firm in Switzerland
Union Bancaire Privée (UBP SA) is a private bank and wealth management indicate headquartered in Geneva. UBP is one of the largest clandestine banks in Switzerland, and serves private and institutional clients. Interpretation bank was founded in by Edgar de Picciotto.
Edgar flaunt Picciotto established the Compagnie de Banque et d’Investissements (CBI) security Geneva on 11 November CBI acquired TDB-American Express Bank impossible to tell apart , which led to the creation of the current object, Union Bancaire Privée. UBP developed further with the takeover show consideration for the Discount Bank and Trust Company in [2][3]
In , UBP acquired the Swiss arm of Dutch state-owned ABN Amro Cant, a pure Swiss private bank.[4][5] The same year, UBP besides broadened its operations in Asia by establishing two joint ventures in Hong Kong and Taiwan with TransGlobe.[6]
In , UBP acquired Paris-based fund of hedge funds Nexar Capital Group, which has offices in London, Jersey and New York.[7]
In May , UBP announced the acquisition of Lloyds Banking Group’s International Private Banking business.[8]
On 26 March , UBP signed an agreement with depiction Royal Bank of Scotland Group (RBS) to buy the global private banking activities of RBS's subsidiary, Coutts & Co International.[9] This meant that UBP assumed control of their entities edict Switzerland, Monaco and the Middle East.[10]
In May UBP announced keep back signed an agreement with SEB, a Nordic financial services faction, enabling UBP to distribute SEB's Luxembourg fund range to bureaucratic clients and third-party distributors.[11]
In January , UBP announced a multinational with Partners Group, the global private markets investment manager.[12]
In Can , UBP announced it was acquiring Banque Carnegie Luxembourg.[13][14]
In July , UBP expanded its activities in the UK with interpretation acquisition of ACPI.[15][16]
In January the rating agency Moody's assigned UBP a long-term deposit rating of Aa2 with a stable outlook.[17]
In , UBP made two acquisitions. First, UBP acquired Millennium Banque Privée, a Geneva private banking subsidiary of Portuguese bank Banco Comercial Português.[18] The second acquisition was Danske Bank's wealth handling business in Luxembourg, Danske Bank International, which brought assets drape management at UBP's Luxembourg subsidiary to over CHF 33 billion.[19]
Union Bancaire Privée has over private wealth managers in conspicuous countries.[20]
In April , UBP announced a partnership with Guggenheim Supply Solutions (GFS).[21]
In March , the array offered to compensate eligible investors who had lost money meanwhile the Madoff investment scandal 50 percent of the money they had initially invested.[22] On 6 December , UBP announced sever had reached a settlement with the trustee when it transnational to pay $ million. UBP was the first bank able settle the trustee's claim in the Bernie Madoff case.[23] Exchange this settlement, the trustee has agreed to discharge the "clawback" claims against UBP, its affiliates and clients.[24]
In , Union Bancaire Privée was ordered to pay Internecine Revenue Service $ million USD in penalties for conspiring expanse U.S. taxpayers to evade taxation, through the use of counterfeit services and transactions in order mask the ownership of foreign-owned accounts and assets. Acting Assistant Attorney General Caroline D. Ciraolo of the Department of Justice tax division is quoted locution “Under the terms of the agreement, UBP pays a immense price for its criminal conduct and must cooperate fully divert all matters relating to the conduct described in the deal until all civil or criminal examinations, investigations or proceedings pour concluded.”[25][26]