UBS Europe SE signs agreement to sell its domestic Wealth Management business in Spain to Singular Bank
We would like to inform you today that after intensive review and analysis, UBS Europe SE has signed an agreement to sell its domestic Wealth Management business in Spain and all shares in UBS Gestión, SGIIC, S.A. to Singular Bank. Singular Bank is a Spanish bank registered with and supervised by the Bank of Spain and the CNMV.
With Singular Bank, you will benefit from a high-quality wealth manager with an independent profile in Spain. Singular Bank has a strong digital platform and is strongly committed to the Spanish market. It also offers personalized services and shares a common vision regarding client service models. Furthermore, it is led by an experienced team with a strong expertise in the country’s financial sector. The combined team of Singular Bank and the local UBS team that moves to Singular will result in a second to none winning formulae in terms of experience, market knowledge and reach.
Singular Bank is backed by Warburg Pincus, a leading global private equity firm with an outstanding track record. Warburg Pincus stands for long-term and sustainable investments and, due to its financial strength, will be able to significantly expand Singular Bank’s growth and future success in Spain. We are thus convinced that you will be in the best hands with Singular Bank in the future.
Your current client advisor will continue to be at your side. You will receive the same trusted support in the future as you are used to – your contact person remains the same.
As part of the sale the parties are aiming to negotiate a cooperation agreement, between signing and closing of the transaction, in order to provide clients acquired from UBS by Singular Bank with access to selected products and services of UBS Global Wealth Management, Asset Management, and Investment Banking.
We will answer all your questions in the following days with a detailed letter, which you will receive by mail. In the meantime, please do not hesitate to contact your client advisor at UBS Spain.
UBS Europe SE, Spain