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- UBS (NYSE:UBS) agrees to sell its Spanish wealth management arm to Madrid-based Singular Bank, its second exit from a European market in the past year, the Swiss bank told Reuters.
- German Newspaper Handlesblatt said Singular Bank will likely pay UBS between 200M - 250M euros ($291M) for the wealth management business, Reuters reports.
- Shares of UBS rise 1.3% intra-day.
- Still, "European wealth management activities are and will remain a central and strategic core business for UBS," Reuters reports, citing Christl Novakovic, chief executive of UBS Europe SE, in a statement.
- The transaction includes transferring all employees, client relationships, products and services of the wealth management arm of UBS Spain to Singular Bank, Reuters notes.
- Previously, (Jan. 14) UBS wealth management starts job cuts in Asia and Europe.