UBS to Sell Spanish Wealth-Management Business to Singular Bank
October 25 2021 - 11:17AM
Dow Jones News
By Mauro Orru
UBS Group AG has struck an agreement to sell its
wealth-management business in Spain to Madrid-based Singular Bank
SAU, a private bank and wealth manager.
Switzerland's biggest bank said Monday that the deal signed
through its subsidiary UBS Europe SE includes the transfer of
employees, client relationships, products and services of its
Spanish wealth management business to Singular Bank.
It didn't disclose the purchase price for the deal, which
excludes asset management and investment banking activities of UBS
in Spain.
"Our domestic wealth management business in Spain has developed
well and has been sustainably profitable over the past few years.
After a thorough review and analysis over the course of this year,
we came to the conclusion that our Spanish domestic wealth
management business is better positioned for future growth with a
focused wealth manager based in Spain," said Christl Novakovic,
chief executive of UBS Europe SE and head of European wealth
management at UBS.
UBS and Singular Bank expect to complete the deal in the third
quarter of 2022.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
October 25, 2021 11:02 ET (15:02 GMT)
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