The restructuring of UBS' flagship private bank has hit its European cross-border operations, which will establish two new units.
The Swiss bank's new mega-private bank under co-heads Martin Blessing and Tom Naratil will see further changes, news agency «Reuters» reports, citing an internal memorandum.
From June, UBS will manage the European cross-border business from Switzerland, with the operation split into northern- and southern-European units. The move comes against a background of differing regulatory regimes in Europe, with southern European rules much tougher, UBS' Europe, Middle East, and Africa head Christine Novakovic wrote in the memo.
Clear Separation
It further notes that Novakovic will take interim charge of the southern European unit, including Italy, the Iberian peninsula, France, Belgium and Luxembourg, while Sonia Gössi will lead the northern region, with Germany, Austria, Great Britain, the Nordic countries and Holland.
As part of the revamp, UBS will integrate clients with assets below 2 million Swiss francs ($2.1 million) into the new structure to support their depot growths, the memo said.
