The Portuguese bank announced on Tuesday it had reached an agreement with Union Bancaire Privée, UBP SA to sell the entire share capital of Banque Privée BCP.
BCP sold the bank it owned in Switzerland. The bank led by Miguel Maya announced on Tuesday that it had reached an agreement with Union Bancaire Privée, UBP SA to sell the entire share capital of Banque Privée BCP. It did not, however, disclose the value of the deal.
“The sale of Banque Privée will allow the BCP Group to pursue the strategy of focusing resources and management on core geographies, enhancing their development and thus creating value for stakeholders,” BCP said in a statement sent to the Portuguese Securities Market Commission (CMVM).
BCP had created the bank in Switzerland in 2003, with a focus on private banking. It will no longer hold this unit, in a deal that will impact the group’s solvency ratios. In the same statement, the bank forecasts that “the impact of the transaction on the Group’s solvency ratios, estimated on a pro forma basis as of March 31, 2021, is an increase of 15 b.p. in CET1 ratio and 16 b.p. in the total capital ratio.”
“The completion of the transaction is subject to the verification of the usual conditions for carrying out this type of transaction, including the non-opposition of the relevant local supervisory bodies,” it added.