Lebanon Businessnews News

New Swiss financial institution
Main services include wealth and asset management
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The Swiss-based Union Bancaire Privée (UBP) has recently obtained a license from the Central Bank (BDL) to operate as a financial institution.

“Our local presence has been limited to a representative office of our headquarters in Geneva without offering any services to clients,” said Nancy Perchan, Compliance Officer at UBP Lebanon. “The main purpose behind being listed as a financial institution is to have more activities and gain better legal knowledge and position while serving this market,” she said.

UBP is one of the largest private banks in Switzerland specializing in wealth management for private and institutional clients. The bank’s strategy is to continue to grow both in Switzerland and at the international level.

“We will offer services mainly related to asset management, and bonds and equities among other services,” said Perchan. However, these services will be focused on international markets and processed directly through Geneva’s headquarters.

UBP’s assets that are currently under management exceed $89 billion. It has a professional workforce of 1,250 people. In addition to Geneva, the bank is also present in other Swiss cities, as well as in some twenty locations around the world.
Reported by Leila Rahbani
Date Posted: Dec 02, 2013
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