UBP Snaps Up ABN Amro's Swiss Outfit

Law360, New York (August 16, 2011, 7:11 PM EDT) -- Geneva-based Union Bancaire Privee UBP SA on Tuesday announced plans to acquire ABN Amro Bank (Switzerland) AG for an undisclosed amount in cash.

According to UBP, the deal represents a 20 percent increase to its overall assets under management and expands its Swiss private banking business. It comes at a time when the buyer is fighting to recover from steep losses amid the economic crisis.

The target, a subsidiary of Netherlands-based ABN Amro Bank NV, is a pure Swiss private bank that managed €11 billion in...
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