The acquisition, expected to be completed in Q4 of 2021, is still subject to regulatory approval. No information has been given on the financial scope of the transaction. With this takeover, UBP could increase its assets under management.
The integration of the Millennium Banque Privée business will result in an expansion of UBP's presence in selected countries, including Portugal and Brazil. MBP is wholly owned by BCP and the company specialises in providing private banking services for private and institutional clients primarily in Europe, Latin America and Africa.
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