UBS will launch its new bank for Europe this year and has already selected a boss for the unit, according to a press report.
Preparations for the start of the bank for Europe at UBS are reaching their close. The structures are already in place and most licenses as well, according to a report by «Wirtschaftswoche», with reference to several high-ranking bankers.
Only minor details are left to be finalized. The bank, based in Frankfurt, will pool all European asset management outside the company's home market of Switzerland starting at the latest at the end of the year.
The speculation about who will lead the new unit seem to be a thing of the past. Martin Blessing won't be taking over responsibility for the bank for Europe, but start as head of UBS Switzerland next week. Thomas Rodermann, the boss at UBS Germany, now is the front-runner for the Europe job.
