Frankfurt, 25. October 2021 - UBS Europe SE has signed an agreement to sell its domestic Wealth Management business in Spain and all shares in UBS Gesti6n, SGIIC, S.A. to Singular Bank, a private bank and wealth manager with a strong focus on digital banking based in Spain . The agreement includes the transfer of all employees as well as all client relationships, products, and services of the domestic Wealth Management business of UBS Spain, a branch of UBS Europe SE. Asset Management as well as Investment Banking activities of UBS in Spain are not part of the transaction . Both businesses as well as the respective aligned Group Functions will remain unchanged with UBS.
Christi Novakovic, CEO of UBS Europe SE and Head Wealth Management Europe at UBS, says: «Our domestic Wealth Management business in Spain has developed well and has been sustainably profitable over the past few years. After a thorough review and analysis over the course of this year, we came to the conclusion that our Spanish domestic Wealth Management business is better positioned for future growth with a focused wealth manager based in Spain. Regardless of this decision, European wealth management activities are and will remain a central and strategic core business for UBS. Our priority will now be to further expand our leading position in our core markets and continue to grow profitably. »
Javier Marin, CEO of Singular Bank, says: «We are excited and proud to lead this operation, which represents a milestone in the transformation of the private banking business in Spain, with the creation of a leading entity with the best human and technological capital and a differential commitment to a model where excellence in personalized customer service and independence in the offer of services and products are hallmark s.»
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 M ana gement, and Investment Ba nking.
Both parties have agreed to not disclose the purchase price .
The agreement is subject to approval by the relevant auth oritie s. Singular Bank and UBS expect to complete the transaction in the third quarter of 2022 .
UBS Europe SE