UBS Group has agreed to sell its wealth management business in Spain to Madrid-based Singular Bank, the Swiss bank announced, marking its second exit from a European market in the last 12 months.
UBS announced the sale of UBS Management to Singular for an undisclosed sum. The German newspaper Handelsblatt said that Singular Bank will pay UBS between 200 million and 250 million euros (US $ 291 million) for the subsidiary.
The operation occurs after the output of UBS from Austria in December, when it sold its wealthy client division to Liechenstein-based private bank LGT.
UBS, the world’s largest wealth manager, with more than $ 3 trillion in invested assets, said the latest sale does not mean it will turn its back on the European market.
“Wealth management activities in Europe are and will continue to be one of UBS’s key strategic businesses”He said in a statement Christl Novakovic, CEO of UBS Europe SE and responsible for asset management for Europe of the company.
UBS’s investment banking and asset management businesses in Spain are not part of the transaction, which is expected to be completed in the third quarter of next year.
The sale includes the transfer of all employees, customer relationships, products and services of the national wealth management business of UBS in Spain to Singular Bank.
UBS It said that while its domestic wealth management business in Spain has been profitable in recent years, it agreed to sell it after deciding that it would be better off in the hands of a country-focused wealth manager.
.
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
