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February 07, 2016 10:20 PM ET

Banks

Company Overview of Union Bancaire Privée, UBP SA

Company Overview

Union Bancaire Privée, UBP SA provides private banking and asset management products and services to private and institutional clients in Switzerland and internationally. The company offers wealth management, and wealth and estate planning services; and solutions in assets, including equities, fixed income products, convertible bonds, alternative investments, foreign exchange and commodities, and structured products. It also manages assets for institutional clients and private investors. The company was founded in 1969 and is headquartered in Geneva, Switzerland with an additional office in London, United Kingdom. Union Bancaire Privée, UBP SA operates as a subsidiary of CBI Holding SA.

Rue du Rhône 96-98

CP 1320

Geneva,  1211

Switzerland

Founded in 1969

1,308 Employees

Phone:

41 58 819 21 11

Fax:

41 58 819 22 00

Key Executives for Union Bancaire Privée, UBP SA

Chief Executive Officer
Chief Operating Officer and Executive Managing Director of Operations
Chief Executive Officer of Private Banking
Co-Chief Executive Officer of Asset Management
Chief Executive Officer of Tokyo Office
Compensation as of Fiscal Year 2015.

Union Bancaire Privée, UBP SA Key Developments

Union Bancaire Privée to Pay $187 Million to Settle US Settle Tax Evasion Case

Union Bancaire Privée (UBP) has reached a settlement with the US Department of Justice (DoJ) over the tax evasion cases under the department's Swiss bank programme. The bank has agreed to pay a penalty of more than $187 million to the US to avoid prosecution over allegations that it helped US citizens avoid paying taxes. Under the non-prosecution deal, UBP will cooperate in any related criminal or civil proceedings and demonstrate its implementation of controls to prevent misconduct involving undeclared US accounts and pay penalties. The DoJ said that the bank maintained 2,919 US related accounts with maximum aggregate assets of $4.89 billion since 1 August 2008. The bank helped US clients in opening and maintaining undeclared accounts in Switzerland and hiding the assets and income they held in these accounts for decades prior to and through 2013. More than 200 private bankers, referred to as relationship managers, were responsible for managing at least one US client account during the period since 1 August 2008. UBP also assisted US clients in maintaining their assets in the names of non-US structures, rather than the actual beneficial owner of the funds. It also provided formation and administration services for offshore structures through a Geneva-based affiliate before 2001. The department added that the bank had created an internal Wealth and Estate Planning unit (WEP Unit) and transferred the administration of these structures to the WEP Unit in 2001. UBP also maintained undeclared accounts at UBP for U.S. clients in the nominee names of non-US insurance companies. The bank offered a variety of traditional Swiss banking services including hold mail and code name or numbered accounts that helped US taxpayers in concealing their identity from the Internal Revenue Service (IRS). The bank's staff assisted several US clients in hiding their undeclared account funds by making fictitious donations to other accounts at UBP controlled in whole or in part by the US client but held by non-US persons.

Union Bancaire Privee Appoints Matthew Kates as Director

Union Bancaire Privee (UBP) has appointed Matthew Kates as director, senior analyst in its European Equity team, where he will be focusing on the chemicals, support services, and leisure and travel sectors. Prior to this appointment, Matthew was European equities executive director at Nomura Investment Bank, concentrating on the chemicals and metals and mining sectors.

Noah Holdings Limited Announces Strategic Cooperation with Union Bancaire Privee to Bolster Global Capabilities

Noah Holdings Limited announced a new strategic cooperation with Union Bancaire Privée, UBP SA. The cooperation agreement will enable Noah to grow its global capabilities in research and product design and UBP to increase its reach in the Chinese wealth management market. Under the agreement, Noah will gain access to UBP's research databases and approved fund managers lists, multi-manager and hedge fund advisory teams, and investment specialists. It is one of a number of initiatives Noah is undertaking to accelerate growth in its global business.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 27, 2015
Coutts & Co Ltd
 

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