UBS France has agreed to raise its stake in UBS La Maison de Gestion to 95% from 51%.

The remaining interest will be owned by Groupe Dassault, Michel David Weill, Carlo de Benedetti, and others. These entities will remain integral to the development of the business.

The deal is subject to regulatory approval.

UBS France CEO Jean-Frédéric de Leusse said: “This transaction will help us combine the agility of a high-end private management boutique with the expertise of the world’s leading wealth manager.”

UBS La Maison de Gestion is a wealth management boutique serving the ultra-rich in France.

It was created following the acquisition of Banque Leonardo France by UBS France and their subsequent merger.

Currently, the business manages €5bn in assets.

According to UBS, the development represents its commitment to France which it considers a strategic market, despite its recent fine.

In February this year, the bank was hit with a fine of €4.5bn for allegedly helping its clients in France dodge taxes.

The fine was equal to a year’s worth of profit at the bank.

UBS did not admit any wrongdoing, saying that the ruling was based on allegations of former employees rather than concrete evidence. The bank is appealing the decision.