BERLIN (Reuters) – UBS Group on Monday said it had agreed to sell UBS Gestion, its wealth management business in Spain, to Madrid-based Singular Bank. It did not give the purchase price.
UBS said the deal includes transferring all employees, client relationships, products, and services of the domestic wealth management business of UBS Spain to Singular Bank.
It said its Asset management and Investment Banking businesses in Spain were not part of the transaction, which was expected to be completed in the third quarter of next year.
German newspaper Handelsblatt said Singular Bank will pay UBS between 200 million and 250 million euros ($291 million) for the subsidiary.
($1 = 0.8593 euros)
(Reporting by Oliver Hirt, Riham Alkousaa and John Revill; Editing by Michael Shields)
