Swiss private bank UBP opens new Luxembourg headquarters

Union Bancaire Privée (UBP) has formally inaugurated its new Luxembourg headquarters, located in the Cloche d’Or business district.

The group has operated in the Grand Duchy since 1971 and was previously based in the Belair neighbourhood.

“This new home symbolises trust, long-term commitment, and a bright future for UBP and our financial centre,” Luxembourg’s Finance Minister Gilles Roth, who spoke at the inauguration ceremony on Thursday, said in a social media post.

UBP’s Luxembourg business posted 89.8 million Swiss francs (€96.1 million) in total interest income and a net profit of 11.1 million Swiss francs (€11.8 million) for the 2024 financial year.

That compared to total interest income of 106.2 million Swiss francs (€113.7 million) and net profit of 14.7 million Swiss francs (€15.74 million) for the 2023 financial year.

Its total balance sheet was 2.4 billion Swiss francs (€2.57 billion) on 31 December 2024, down from 2.6 billion Swiss francs (€2.78 billion) the year before, according to its latest annual report.

The bank had 132 staff in Luxembourg in 2024, compared to 117 in 2023 and 115 in 2022.