UBS sells Spanish wealth management business to Singular Bank By Reuters

ZURICH (Reuters) -UBS Group has agreed to promote its Spanish wealth administration enterprise to Madrid-based Singular Financial institution, the Swiss financial institution stated on Monday, its second exit from a European market previously 12 months.

UBS stated it was promoting UBS Gestion to Singular for an undisclosed sum. German newspaper Handelsblatt stated Singular Financial institution can pay UBS between 200 million and 250 million euros ($291 million) for the subsidiary.

The deal follows UBS’s exit from Austria final December, when it bought its operation catering for rich shoppers to Liechenstein-based personal financial institution LGT.

UBS, the world’s largest wealth supervisor with greater than $3 trillion in invested property, stated the newest sale didn’t imply it was turning its again on the European market.

“European wealth administration actions are and can stay a central and strategic core enterprise for UBS,” Christl Novakovic, chief govt of UBS Europe SE and Head Wealth Administration Europe at UBS, stated in a press release.

UBS’s asset administration and funding banking companies in Spain weren’t a part of the transaction, which was anticipated to be accomplished within the third quarter of subsequent 12 months.

The sale consists of transferring all workers, shopper relationships, merchandise, and providers of the home wealth administration enterprise of UBS Spain to Singular Financial institution.

UBS stated its home wealth administration enterprise in Spain had been worthwhile lately, but it surely had agreed to promote it after deciding it was higher off with a centered wealth supervisor based mostly within the nation.

($1 = 0.8593 euros)