Swiss banking giant UBS had agreed to acquire the private banking unit of the Spanish lender Banco Santander in Italy, which manages EUR2.7bn in assets.
Based in Milan, Santander Private Banking (SPB) Italia offers investment products and advice to wealthy individuals and families as well as other banking products and services, loans, and mortgages.
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The unit has six branch offices located in Milan, Varese, Brescia, Rome, Naples and Salerno.
The transaction is expected to complete in the first four months of 2016, subject to regulatory approval. Financial terms of the deal have not been disclosed.
Following the completion of the deal, SPB Italia’s unit will be integrated into UBS Italia, the Italian wealth management arm of UBS.
UBS Italia CEO Fabio Innocenzi said: "This transaction is a natural fit with our current wealth management offering in Italy in terms of both business and culture. It also represents a perfect opportunity to grow UBS’s business and to further expand our market share in Italy."
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