By Mauro Orru

 

UBS Group AG has struck an agreement to sell its wealth-management business in Spain to Madrid-based Singular Bank SAU, a private bank and wealth manager.

Switzerland's biggest bank said Monday that the deal signed through its subsidiary UBS Europe SE includes the transfer of employees, client relationships, products and services of its Spanish wealth management business to Singular Bank.

It didn't disclose the purchase price for the deal, which excludes asset management and investment banking activities of UBS in Spain.

"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," said Christl Novakovic, chief executive of UBS Europe SE and head of European wealth management at UBS.

UBS and Singular Bank expect to complete the deal in the third quarter of 2022.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

October 25, 2021 11:02 ET (15:02 GMT)

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