UBS Bankers in Spain Jumping Ship
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UBS sees bankers and managers depart from its Spanish unit prior to its sale to a local competitor. A decision by UBS last year to sell its Spanish unit to Singular bank appears to have led to an exodus of at least eight private bankers and managers, Bloomberg reported Wednesday.
Two of the departing bankers are said to handle very wealthy clients, while another investment manager with over 16 years experience is joining them.
The departures add to those who left since UBS announced the sale in October. They include Jose Maria Abril Taboada, who joined Spain’s Bankinter in February, and Jose Maria Gil de Santivanes who in January left for Credit Suisse, the report adds.
UBS’s European bank led by manager Christine Novakovic, is selling its Spanish branch to Singular Bank, which specializes in digital solutions. Investment banking and fund sales activities in the country are not part of the sale, however.
The sale, which is expected to be concluded in the third quarter of this year, was to include all client assets and the UBS team in Madrid. In that respect, some new calculations might be due.
Questions & Answers
Q.Which areas of UBS's business in Spain are not included in the sale to Singular Bank?
Which areas of UBS's business in Spain are not included in the sale to Singular Bank?
Investment banking and fund sales activities in Spain are not part of the sale. The transaction focuses on the private banking unit and its client assets and team in Madrid.
Q.When is the sale of UBS's Spanish unit to Singular Bank expected to be completed?
When is the sale of UBS's Spanish unit to Singular Bank expected to be completed?
The sale of UBS's Spanish unit to Singular Bank is expected to be concluded in the third quarter of this year. This timeline was established when the sale was first announced.
Q.How many private bankers and managers have reportedly left UBS's Spanish unit since the sale was announced?
How many private bankers and managers have reportedly left UBS's Spanish unit since the sale was announced?
At least eight private bankers and managers have reportedly left UBS's Spanish unit since the sale was announced last October. These departures include individuals handling very wealthy clients.
Q.What kind of bank is Singular Bank, the buyer of UBS's Spanish unit?
What kind of bank is Singular Bank, the buyer of UBS's Spanish unit?
Singular Bank is a local competitor that specialises in digital solutions. This focus suggests a strategic direction for the acquired UBS Spanish unit's client assets and team.
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