AMWatch

Carnegie Investment Bank sells Luxembourg bank

Nordic investment bank Carnegie sells its Luxembourg banking unit to Switzerland's Union Bacaire Privée.

Stockholm-based Carnegie has decided to sell its Luxembourg-based unit, Banque Carnegie Luxembourg SA, to Geneva-based Union Bancaire Privée, or UBP. Financial terms have not been disclosed.

Carnegie founded its Luxembourg-unit in 1976, and has been offering international private banking services to Nordic clients since then. The unit has 49 employees, and is managed by CEO Frank Reisbøl.

In 2017, the bank had net income of EUR 10.3 million, and a net profit of EUR 3.6 million -- down 18 percent from 2016. The bank had total assets of EUR 216.3 million, and shareholders' equity of EUR 24.9 million.

Total assets under management (AUM) are not disclosed, but UBP says it will reach AUM of CHF 24 billion (EUR 20.9 billion) after merging the unit with its own Luxembourg banking subsidiary. UBP, founded in 1969 and present in Luxembourg since 2002, had CHF 125.3 billion under management at the end of 2017.

"The strategic rationale behind the decision serves the interests of both our clients and other stakeholders," says Björn Jansson, Carnegie's CEO, in a statement.

"UBP has the necessary capacity to further develop the products, services and operations in Luxembourg, while Carnegie can focus on its domestic markets," Jansson continues.

UBP currently employs about 1,700 people.

Frontpage right now

New Nordic consultancy bets on market gap for capital market software

Having difficulties stretching your in-house resources to meet both regulatory demands and plans for digital expansion? Tried hiring help and couldn't find it locally? The founders of Nordic financial sector software consultancy Nor Associates are basing their business case on the idea that many local financial firms are having exactly these problems.

New head of Denmark's Sparinvest looks to institutions to fuel growth

Sparinvest has put a brand-new strategy in place to see it through the next four years. By the end of 2022, it must have gathered in more than DKK 60 billion in extra assets under management -- and in the future, most of its business growth is to come from institutional investors. CEO Jørgen Søgaard-Andersen tells AMWatch's siter site, FinansWatch, all about the plan.

Danish regulator spurns Danske Bank's head of wealth management

Jacob Aarup-Andersen, Danske Bank's first choice as its new CEO, has been unofficially rejected by the Danish financial regulator -- a decision that comes as no surprise to observers. But the bank's head of wealth management may yet be in the loop for the top role in the future.

Related articles

amwatch trial

Latest news

Jobs

See all

See all

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch