Swiss UBP to buy ABN AMRO Switzerland for undisclosed amount

Swiss private bank Union Bancaire Privee said on Tuesday it will purchase ABN AMRO Bank Switzerland for an undisclosed amount, increasing its assets under management by around 20 percent.

ABN AMRO Bank Switzerland is a Swiss private bank with assets of €11 billion and 350 staff in Zurich, Geneva, Lugano and Basel, UBP said in a press release.  

ABN AMRO explained in a statement that it had decided to “focus its private banking activities on strengthening its top 3 position in the eurozone and to accelerate its growth in Asian markets.”  

“As a consequence ABN AMRO has decided to divest its private banking activities in Switzerland,” it said.  

The sale is subject to Swiss regulatory approval, and is expected to close in the fourth quarter of 2011, UBP added.