The deal strengthens Santander’s balance sheet at a time when the Spanish banking sector is in crisis and allows UBP to better service the Spanish market, and is part of a broader strategy to strengthen its position within the private banking sector.
In August 2011, the Swiss bank acquired ABN Amro Bank (Switzerland) to consolidate its market position. At the time of the acquisition, ABN Amro Bank (Switzerland) held 11bn in assets under management.
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Earlier this year, UBP completed the acquisition of Nexar Capital, a hedge fund business managed by Arie Assayag.
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