UBS sells Spanish wealth management business to Singular Bank

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 25, 2021

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October 25, 2021

ZURICH (Reuters) -UBS Group has agreed to sell its Spanish wealth management business to Madrid-based Singular Bank, the Swiss bank said on Monday, its second exit from a European market in the past 12 months.

UBS said it was selling UBS Gestion to Singular for an undisclosed sum. German newspaper Handelsblatt said Singular Bank will pay UBS between 200 million and 250 million euros ($291 million) for the subsidiary.

The deal follows UBS’s exit from Austria last December, when it sold its operation catering for wealthy clients 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 did not mean it was turning its back on the European market.

“European wealth management activities are and will remain a central and strategic core business for UBS,” Christl Novakovic, chief executive of UBS Europe SE and Head Wealth Management Europe at UBS, said in a statement.

UBS’s asset management and investment banking businesses in Spain were not part of the transaction, which was expected to be completed in the third quarter of next year.

The sale includes transferring all employees, client relationships, products, and services of the domestic wealth management business of UBS Spain to Singular Bank.

UBS said its domestic wealth management business in Spain had been profitable in recent years, but it had agreed to sell it after deciding it was better off with a focused wealth manager based in the country.

($1 = 0.8593 euros)

(Reporting by Oliver Hirt, Riham Alkousaa and John Revill; writing by John Revill, Editing by Michael Shields)

Source Link UBS sells Spanish wealth management business to Singular Bank

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.