UBS Holding on to Spanish Business
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A few years after selling its wealth management business in Spain, UBS will soon serve wealthy clients on the peninsula again.
UBS will keep Credit Suisse’s private banking business in Spain, citing a statement by a spokesperson.
In an effort to «restore calm» among bankers and clients after recent turbulences related to its takeover of Credit Suisse, the report said that Spain’s private wealth market is the first UBS has committed to openly.
In 2021 UBS sold its Spanish office to Singular Bank for an undisclosed amount.
Questions & Answers
Q.Which part of the Credit Suisse business is UBS keeping in Spain?
Which part of the Credit Suisse business is UBS keeping in Spain?
UBS will retain Credit Suisse's private banking business in Spain. This decision forms part of their strategy following the recent acquisition of Credit Suisse, aiming to serve wealthy clients in the region once more.
Q.Why has UBS committed to the Spanish private wealth market at this time?
Why has UBS committed to the Spanish private wealth market at this time?
UBS has committed to the Spanish market to help restore confidence among bankers and clients. This move follows recent turbulence related to its takeover of Credit Suisse, making Spain the first market it has openly committed to.
Q.When did UBS last operate a wealth management business in Spain?
When did UBS last operate a wealth management business in Spain?
UBS sold its Spanish office in 2021 to Singular Bank. This occurred a few years before the current decision to re-enter the market by keeping Credit Suisse's private banking operations there.
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