Switzerland's largest bank is giving up its business with its Spanish onshore clients. This follows a similar move in Austria less than a year ago.
UBS is selling its Spanish office to Singular Bank according to an emailed statement Monday. This comes after months of speculation that many European markets simply aren't large enough to warrant a presence.
Without disclosing the deal amount, the Swiss bank writes in its statement that all client assets as well as the UBS team in Madrid are included in the transaction. Investment banking and fund sales activities in Spain will remain with UBS.
The deal is expected to be completed by the third quarter of 2022.
Three-Year Plan
Last December UBS Europe sold its business with Austria's onshore wealthy to Vaduz-based LGT Bank. The Spanish onshore business holds an estimated 9 to 12 billion euros ($9.8 billion to $13 billion) in assets under management.
The Austrian business managed 4 billion euros in assets at the time it announced the sale. Under its three-year plan for 2021 to 2023, UBS Europe is making staying profitable despite the turbulent economic backdrop its top priority.
