UBS (Italia) to acquire independent Italian financial intermediary firm Etra
UBS (Italia) S.p.A. and the shareholders of Etra SIM S.p.A. have reached an agreement for UBS (Italia) S.p.A. to acquire the Italian financial intermediary firm Etra SIM S.p.A. The move will enhance UBS’s profile in the Italian market for wealthy individuals and will strengthen its local client base.
Etra SIM S.p.A. serves wealthy private and institutional clients in the Italian market. The firm has 25 staff working in Milan and manages client assets of approximately EUR 500 million. The transaction has to be approved by the Bank of Italy and the Italian Competition Authority, and will only be effective following their approval. The terms of the transaction are not disclosed.
UBS (Italia) S.p.A. is the subsidiary of UBS AG that runs the bank's wealth management activities in Italy. It has a total staff of over 400 at its offices in Bologna, Brescia, Florence, Milan, Naples, Padua, Rome, Turin and Genoa.
European wealth management is a key strategic focus for UBS. The bank's range of products and services, based on open architecture, is carefully adapted to fit the specific tax and legal requirements in each country and the varying demands and objectives of clients in its individual markets.
Vittorio Volpi, Chairman of UBS (Italia) S.p.A., comments: “The acquisition, which is aligned to our growth strategy, focuses also on bringing high quality talent to our organization".
Mauro Costa, CEO of UBS (Italia) S.p.A., comments: “With this acquisition we accelerate our efforts to grow the wealth management business in Italy. We believe that clients and employees of Etra will benefit from UBS’s global commitment to offering independent advice across the full range of investment
products. We are a reliable and experienced partner for wealthy clients in Italy, because wealth management is a UBS core business”.
UBS has made the following acquisitions in the Wealth Management business:
in Latin America/Germany - Dresdner Bank Lateinamerika (December 2004), in North America - Julius Baer (December 2004), in Luxembourg - American Express Bank (November 2004), in Germany - Sauerborn Trust (November 2004) and Merrill Lynch Private Banking (October 2003), in the UK - Laing & Cruickshank and Scott Goodman Harris (January 2004) and in France - Lloyds Bank S.A. (May 2003).
UBS
UBS is a leading financial firm, combining financial strength with a reputation for innovation and a global culture that embraces change.
UBS is one of the world's largest wealth managers, a premier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS, headquartered in Zurich and Basel, employs around 66,000 people, and has operations in 50 countries and in all major financial centers.
Zurich/Basel/Milan, 10 January 2005
UBS
