UBS has committed to staying in Frankfurt am Main for the long haul, extending its lease as the anchor tenant of Frankfurt's Opernturm.
In a sign of its long-term commitment to Germany, UBS extended its lease with Frankfurt's Opernturm where it has been the anchor tenant since 2010, according to a report in «Private Banking Magazin» on Tuesday. In 2016, the office tower also became the headquarters of the European bank UBS Europe.
The location in Frankfurt's upscale «West End» UBS employs around 850 people on ten floors, including in wealth management, investment banking, and asset management. Employees will continue to have an unobstructed view of Frankfurt's opera house from the tower.
Frankfurt's Attractiveness
In 2016, the bank combined most of its European wealth management units into a single legal entity, UBS Europe, headquartered in Frankfurt. Previously, there had also been speculation about Luxembourg and London as possible locations. In 2017, after more than a decade of losses, UBS Germany finally broke even, as finews.com reported at the time, while the European unit was profitable since its inception.
By bundling its European business in Frankfurt, UBS needs only a single banking license for the European market and one booking platform. There was speculation that proximity to the European Central Bank (ECB) and the European Banking Authority played a role in the choice of location.
