ZURICH (Reuters) - Swiss private bank Union Bancaire Privée

"This transaction confirms our ambition to increase our footprint in Luxembourg, which became UBP's European hub a few years ago," Chief Executive Guy de Picciotto said in a statement.

Following the transaction, UBP's managed assets in Luxembourg will reach around 33 billion Swiss francs ($35.63 billion), it said.

The transaction is expected to be completed in the fourth quarter pending regulatory approval, UBP said.

($1 = 0.9261 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi)