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.