BCP sells Banque Privée in Switzerland

Portugal’s Banco Comercial Português (BCP) has closed the sale of Banque Privée BCP in Switzerland.

It was sold to the Union Bancaire Privée (UPB) which acquired the entire capital share. The bank informed the market on 29 June without revealing the amounts involved.
“The finalisation of the sale is subject to the usual checks and conditions carried out for this type of transaction, including the non-opposition of the competent supervisory authorities,” said a statement from the bank headed by Miguel Maya.
Portugal’s largest private bank emphasised that the “impact of the transaction on the Group’s solvency ratios, estimated on a pro forma basis on 31 March 2021, was an increase of 15 base points on the CET1 ratio and 16 base points on the total capital ratio.”
“The sale of Banque Privée will enable the BCP group to pursue its strategy to focus its resources and management in core geographies, boosting the development of these and thereby creating value for the stakeholders.”
Millennium Banqe Privée specialises in providing banking services to individual and institutional clients. In 2019 it was voted the Best Boutique Bank in Switzerland.