Private equity-backed Singular Bank has agreed to buy the Spanish private banking and wealth management operations of UBS for an undisclosed sum.
This comes several months after International Adviser reported that the Swiss giant was reviewing the Spanish business, as well as the sale of its Austrian business to LGT Group.
The transaction includes the entire share of the Swiss giant’s Spanish wealth management arm, UBS Gestión.
The deal creates the largest independent private bank in the Spanish market, managing assets under management of around €20bn (£16.9bn, $23.2bn) and a network of 11 offices, located in Barcelona, La Coruña, Las Palmas, Madrid, Malaga, Murcia, Seville, Valencia and Zaragoza, as well as the upcoming operation in León.
Clients and teams of UBS’ private banking business will join Singular Bank. The deal does not include the UBS asset management and investment banking operations in Spain, nor the respective functions linked to them, which will remain at UBS.
As part of the deal, both companies have agreed to develop a strategic collaboration to provide clients with access to products, investment solutions and services from the UBS global wealth management, asset management and investment banking divisions.
‘Committed’
Javier Marín, chief executive of Singular Bank, said: “We are excited and proud of this operation, which represents a milestone in the transformation of the sector in Spain, creating the leading independent private bank, with first-rate human and technological capital.
“Our goal is to continue offering a differential service to our clients, through a highly personalised and innovative offer, to help them achieve their financial goals.”
Christl Novakovic, chief executive of UBS Europe and head of UBS wealth management Europe, added: “The transaction will create a unique value proposition for employees and clients and position the business for future growth opportunities.
“Regardless of this decision, we remain committed to our main European markets and to consolidating our leadership position in them”.
The transaction is expected to be completed in the third quarter of 2022, after regulatory approval.
Singular Bank is supported by a global investment group Warburg Pincus.
