Brenna Hughes Neghaiwi, Oliver Hirt
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(Adds further context, LGT statement)
ZURICH, Dec 16 (Reuters) - UBS is selling its domestic Austrian wealth management business to Liechenstein-based private bank LGT, the Swiss banking giant said on Wednesday.
Terms were not disclosed for selling the business, which has just under 5 billion euros ($6.09 billion) in managed assets and some 60 employees.
UBS, the world’s biggest in wealth management, decided to exit the Austrian domestic business, which primarily serves wealthy and ultra-wealthy clients from two offices in Salzburg and Vienna, because it saw better growth prospects elsewhere.
“Our domestic wealth management business in Austria has developed well and yielded sustainable profits over the past few years, but our market share remains comparatively small,” the bank’s Austrian country head, Wolfgang Eisl, said.
Deal will add around €4bn in assets under management
LGT has reached an agreement with UBS Europe SE to acquire its wealth management business in Austria.
The business has around €4bn (£3.6bn, $4.9bn) in assets under management.
The client relationships of UBS Europe SE in Austria, which consist of mainly high net worth and ultra-high net worth individuals residing in the country, will be assumed by LGT as part of the asset deal.
As part of the agreement, LGT intends to assume the around 60 employees of UBS Wealth Management in Austria and to integrate them into its locations in Vienna and Salzburg.
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