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Gordon S. Blair assists UNION BANCAIRE PRIVÉE, UBP S.A. to acquire Coutts’ private banking activities in Monaco

Gordon S. Blair assists UNION BANCAIRE PRIVÉE, UBP S.A. to acquire Coutts’ private banking activities in Monaco

In March 2015, Swiss banking group Union Bancaire Privée (“UBP”) and the Royal Bank of Scotland Group Plc (“RBS”) signed an asset purchase agreement for the acquisition of RBS’ international private banking activities out of the UK, activities held by its affiliate Coutts & Co Ltd (“Coutts”). With this transaction, UBP has strengthened its position in Switzerland and in its priority growth markets, Singapore, Hong Kong and Monaco. The operation includes a global portfolio of CHF 29.7 billion of assets under management and CHF 4.3 billions of loans.

In Monaco, the implementation of the transaction has been carried out according to the following steps:

  • Due Diligence;
  • Regulatory assistance with (i) the French Prudential Supervisory Authority (A.C.P.R.) and (ii) the Monegasque Commission for the Control of Financial Activities (C.C.A.F.);
  • Transposition of the asset purchase agreement under Monegasque law;
  • Transfer of Coutts’ private banking activities in Monaco (clientele, loan portfolios and employees) to the UBP branch in Monaco, as of 30 October 2015.

Gilbert Delacour and his team have provided a global assistance to UBP on legal, tax and regulatory matters in relation with the acquisition of Coutts’ private banking activities in Monaco.