UBS Europe SE signs agreement to sell its domestic Wealth Management business in Austria to LGT

Frankfurt, 16 December 2020 – UBS Europe SE has signed an agreement to sell its domestic Wealth Management business in Austria to LGT, a leading international private banking and asset management group. The agreement includes the transition of employees as well as all client relationships, products, and services of the Wealth Management business of UBS Austria, a branch of UBS Europe SE. The UBS Asset Management business in Austria is not part of this transaction.

Wolfgang Eisl, Country Head UBS Austria: "Our domestic wealth management business in Austria has developed well and yielded sustainable profits over the past few years, but our market share remains comparatively small. After a thorough review and analysis over the course of this year, we came to the conclusion that UBS Austria is better positioned for future growth with a leading wealth manager in Austria. LGT has an excellent market position and, due to its size in Austria, offers our clients and employees a long-term and sustainable future perspective. Regardless of this decision, our European wealth management activities are and will remain a central and strategic core business for UBS."

Christl Novakovic, CEO of UBS Europe SE and Head Wealth Management Europe at UBS, says: "Our wealth management business is performing extremely well and we are executing seamlessly on our strategic priorities to make it even easier for clients to benefit from the very best of the world's number 1 wealth manager. Our sale in Austria is part of these plans and a win-win for all clients and employees. Clients and staff in Austria will benefit from being part of a bigger domestic business in Austria and clients in our other European markets will benefit from even more focus and investment as we redeploy resources to client services and accelerated growth in these markets."

Both parties have agreed not to disclose the purchase price.

The agreement is subject to approval by the relevant antitrust authority. LGT and UBS expect to complete the transaction in the third quarter of 2021.
 

UBS Europe SE