UBS Group has plans to update the legal structure at its wealth management unit to cut costs and free up billions of dollars for loans.

Named Rigi, the project will transfer large customer deposits from the bank’s Swiss entity to its primary legal unit, reported Bloomberg citing people familiar with the matter.

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This restructuring will to boost the bank’s loans outside Switzerland.

Rigi will partly roll back measures from the financial crisis in 2008, when Switzerland asked the bank to form separate legal entities. These legal units were meant to protect in case of a surprise bankruptcy.

Transfer of the deposits will be in line with the bank’s goal to lend $20bn to $30bn per year to wealthy clients outside Switzerland.

UBS spokesperson was quoted as saying: “We are making changes to our legal entity structure in order to improve the overall efficiency of the Group.”

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The legal changes add to a broader wealth management business revamp. The bank is cutting 500 jobs and removing management layers to expedite decision-making and cut costs.

Also, the restructuring split the unit serving the bank’s wealthy clients and the EMEA wealth business into three regions.

Majority of international clients with deposits in Switzerland will now be part of UBS AG, spreading the deposits evenly across the group.

Rigi will also see transfer of additional parts of the global wealth business from the Swiss unit. The project is set to take place through 2022.

Last month, UBS reported an 11% decrease in net profit in Q2 2020 as it set aside $272m in loan loss provisions linked to the Covid-19 pandemic.