Danske Bank -Sale of private banking activities in Luxembourg completed
Danske Bank has completed the sale of its private banking activities in Luxembourg to Union Bancaire Privee (Europe) S.A. (UBP).
The customer relationships were successfully transferred to UBP over the weekend.
‘We are pleased that so many of our customers and colleagues in Luxembourg have found a new good home with UBP who we are confident will continue to meet the customers’ individual needs. This will enable us to turn our full attention to further developing the best private banking solutions for our customers residing in the Nordic countries,’ says Head of Personal & Business Customers in Danske Bank, Glenn Soderholm.
This will enable us to turn our full attention to further developing the best private banking solutions for our customers residing in the Nordic countries.
Head of Personal & Business Customers, Danske Bank
The sale reflects Danske Bank’s efforts to simplify its organisation and supports its strategy of focusing on its Nordic home markets.
As previously communicated, the transaction is expected to result in a one-off net gain for Danske Bank of around DKK 250 million.
Danske Bank expects to have exited its few remaining private banking activities in Luxembourg within 9-12 months.
” The achievement of this transaction confirms the strategy of UBP. The family group led by Mr Guy DE PICCIOTTO is thus extending its local footprint, bringing its total assets to CHF 33 billion in the Grand Duchy. The merger was carried out with a great deal of consultation and sensitivity, enabling Danske Bank’s employees and, indirectly, its clients to support it.
This acquisition is therefore fully in line with the growth strategy in the Nordic markets and the strengthening of its European hub.”