Swiss banking giant UBS is reportedly planning to merge its EU businesses in one unit to create a ‘Europa-Bank’ that will focus on wealth management.
Operation would probably be run out of Frankfurt, however Luxembourg is also in the race as a possible location, Reuters reported citing a report published in German newspaper Handelsblatt.
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A preliminary decision on where the unit will be based is expected to be made next week, the report said.
According to Handelsblatt’ report, UBS’ discussions with the German financial watchdog BaFin are already in advanced stage.
As a result of the move, UBS hopes to cut costs significantly, the report added.
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