The private bank, which boosted assets in recent years by buying Coutts assets in Asia, Monaco and Switzerland, has added another block of AuM via a Luxembourg deal.

Union Bancaire Privée, the Geneva-headquartered bank, has agreed to buy Banque Carnegie Luxembourg  from the latter's owner, Carnegie Investment Bank, for an undisclosed sum, adding to the assets UBP acquired from Coutts in 2016.

The transaction is subject to the approval of the relevant regulatory bodies, and is expected to complete during the fourth quarter of 2018, UBP said in a statement yesterday.

Established in Luxembourg since 1976, BCL is a subsidiary of Carnegie Investment Bank and offers international private banking services to Nordic clients.

The deal will expand UBP's presence in Luxembourg, the bank said, noting that it has already been present in the country since 2002.

The deal means UBP, which has total AuM of SFr125.3 billion ($127 billion) (as at the end of December last year), will see its Luxembourg-based AuM reach almost SFr24 billion, spanning private banking and asset management activities.