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October 26, 2021

UBS to offload Spanish wealth business to Singular Bank

By Verdict Staff

Swiss investment banking group UBS has agreed to sell its domestic banking unit and wealth management business in Spain to Madrid-based Singular Bank.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Singular Bank is purchasing the unit for an amount between €200m and €250m, according to a report by German newspaper Handelsblatt.

The transaction is expected to be finalised in the third quarter of next year, subject to regulatory approvals.

Under the terms of the agreement, Singular Bank will acquire all employees, client relationships, products, and services of UBS Spain’s domestic wealth management business.

UBS will retain its asset management and investment banking businesses in Spain.

UBS Europe CEO Christl Novakovic said that the transaction will form a ‘unique value proposition for employees and clients’ while positioning the business for future growth opportunities.

As part of the deal, both parties have signed a strategic alliance to offer clients access to products and services provided by all UBS divisions.

The acquisition is expected to poise Singular Bank largest independent private bank in the Spanish market with €20bn in assets and 11 offices.

Singular Bank CEO Javier Marín commented: “We are excited and proud of this operation, which represents a milestone in the transformation of the sector in Spain, creating the leading independent private bank, with first-rate human and technological capital.”

Earlier this year, Bloomberg reported that UBS was considering options including divestiture or exit for its Spanish unit as part of the group’s review under CEO Ralph Hamers.

The move was said to be part of Hamer’s focus on growing local partnerships in small offshore markets instead of maintaining a domestic footprint.

Last December, the bank offloaded its domestic wealth management business in Austria to Liechenstein-based private bank LGT.

Recently, Reuters reported that UBS was moving to shut down its brokerage in Mexico, which is considered to be Latin America’s second largest economy.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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