UBS has launched a new headquarters in Frankfurt to centralise most of its wealth management operations in Europe.

Although headquartered in Frankfurt, the subsidiary will operate across markets in Europe through a network of branches.

The bank has been planning the consolidation for several years in a bid to simplify governance structure. Contenders included Luxembourg as well as London, until UK’s decision to quit the European Union.

The new subsidiary, dubbed UBS Europe SE, consolidates the bank’s subsidiaries in Germany, Italy, Luxembourg, the Netherlands and Spain.

“This move allows UBS to more effectively invest in its European wealth management business and enhance the offerings and services it provides to clients in these important markets,” the Swiss banking giant said.

The subsidiary will be headed by a management board including chief risk officer Birgit Dietl-Benzin, market representative (wealth management) Fabio Innocenzi, market representative (wealth management) Rene Mottas, COO Andreas Przewloka, market representative (wealth management) Thomas Rodermann, and market representative (investment bank) Stefan Winter.

Roland Koch, chairman of UBS Deutschland since 2011, will serve as the chairman of UBS Europe SE supervisory board.