UBS to keep Credit Suisse's private banking business in Spain

Credit Suisse AG

01/06/2023 16:18

MADRID, June 1 (Reuters) - UBS  UBSG.S  will keep Credit
Suisse's  CSGN.S  private banking business in Spain at a time
when many of its private bankers and clients are leaving, the
Swiss banking giant said on Thursday.
    Following its state-backed acquisition of Credit Suisse in
March, UBS is now regaining a presence in Spain's private
banking business despite a non-competing clause it had signed
with Spain-based Singular Bank. 
    "UBS plans to retain the domestic wealth management business
of Credit Suisse in Spain. This is a strong, well-established
and profitable franchise with trusted client relationships and
dedicated staff," a UBS spokesperson said.
    Spain is the first market in wealth management where UBS has
publicly committed to keeping the Credit Suisse business as it
seeks to restore confidence and calm among Credit Suisse private
bankers and also clients.
    Hundreds of Credit Suisse employees are resigning each week
in a sign of uncertainty gripping the lender while it is being
taken over by rival UBS, two people familiar with the matter
said on Wednesday.
    In 2021, UBS Group announced the sale of its Spanish wealth
management business to Madrid-based Singular Bank for an
undisclosed sum. UBS' asset management and investment banking
businesses in Spain were not part of the transaction.
    ($1 = 0.9084 euros)

 (Reporting by Jesús Aguado; Editing by David Gregorio)
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