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UBS sells Spanish wealth management business to Singular Bank -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A branch in Zurich, Switzerland is adorned with the logo of Swiss bank UBS on June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

BERLIN, (Reuters) – UBS Group said Monday it would sell UBS Gestion to Singular Bank in Madrid, which is a wealth management firm. The purchase price was not disclosed.

UBS announced that all staff, client relationships and products of UBS Spain’s domestic wealth-management business will be transferred to Singular Bank.

It stated that the acquisition did not include its Asset management and Investment Banking business in Spain. The transaction was anticipated to be complete in the third quarter.

Handelsblatt, a German newspaper, reported that Singular Bank would pay UBS 200 to 250 million Euros ($291 Million) for the subsidiary.

($1 = 0.8593 euros)

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