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Gordon s. Blair Assists Union Bancaire Privee, UBP S.A. To Create A Branch In Monaco And To Acquire The Private Banking Activities Of Lloyds Bank PLC

Gordon s. Blair Assists Union Bancaire Privee, UBP S.A. To Create A Branch In Monaco And To Acquire The Private Banking Activities Of Lloyds Bank PLC

In 2013, The Swiss banking group Union Bancaire Privée, UBP SA (“UBP”) and the British banking Group Lloyds Bank Plc (“Lloyds”) signed a sale and purchase agreement for the acquisition of Lloyds’ international private banking activities out of the UK. With this transaction, UBP has strengthened its position in Switzerland and in its priority growth markets, including the Principality of Monaco

. As a result, UBP’s assets under management, which were of an amount of CHF 83,2 billion as of 30 April 2013, has been increased by more than CHF 10 billion. In Monaco, the implementation of the transaction started in 2013 and has been carried out according to the following steps:

  • Due Diligences;
  • Transaction legal and tax structuring;
  • Incorporation of a branch with the banking licenses from (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.);
  • Transfer of Lloyds’ private banking activities in Monaco (clientele, loan portfolios and employees) to the UBP branch in Monaco, as of 4 April 2014.

Gordon S. Blair has provided a global assistance to UBP on all legal matters (corporate, regulatory, labour law, tax and real estate issues) in relation with the incorporation of a branch in Monaco and the acquisition of Lloyds’ private banking activities.