Updated on Monday, 25 October 2021 – 14:26
It will thus become the largest independent private banking entity in the Spanish market, with a managed assets of around 20,000 million euros and a network of eleven branches.
Javier Marn, CEO of Singular Bank.
Singular Bank has reached an agreement with UBS to buy its private banking unit in Spain and develop a strategic collaboration with all divisions of the Swiss bank, as reported by the entity on Monday.
After the operation, which is expected to be formalized in the third quarter of 2022 after obtaining regulatory authorizations, Singular Bank will become the largest independent private banking entity in the Spanish market, with a managed assets of around 20,000 million euros and a network of eleven offices located in Barcelona, La Corua, Las Palmas, Madrid, Malaga, Murcia, Seville, Valencia and Zaragoza and to which a new opening in Len .
Singular Bank will buy from UBS its private domestic banking unit in Spain and its wealth management operations in the country. The transaction also includes the acquisition of the shares of UBS Gestin SGIIC SA and excludes the businesses of the Asset Management and Investment Banking divisions of UBS in Spain, as well as the respective functions linked to them, which will remain, unchanged, at UBS.
As part of the agreement, its clients will have access to the products, investment solutions and services of the UBS Global Wealth Management, Asset Management and Investment Banking divisions.
Change in the sector
Although it has not disclosed the price of the acquisition, Singular Bank has explained that the operation will be financed 100% with capital and will not affect its solvency, whose capital base at closing will be greater than 300 million euros, with a CET1 ratio. approximately 20%.
“The cooperation agreement, which the parties have agreed to develop with all UBS divisions, contributes to expanding the range of services for the benefit of customers and bankers,” they say from Singular Bank.
The CEO of Singular Bank, Javier Marn, has highlighted that the operation represents “a milestone in the transformation of the sector in Spain” and gives rise to “the leading independent private bank, with first-rate human and technological capital.”
“Our goal is to continue offering a differential service to our clients, through a highly personalized and innovative offer, to help them achieve their financial objectives,” he assured.
On her side, the CEO of UBS Europe SE and head of UBS Wealth Management Europe, Christl Novakovic, has acknowledged that it is “deeply convinced” that Singular Bank is “the best possible buyer” for the Swiss bank’s domestic private banking business in Spain, due to its “strong independent profile” in the country and the vision that both They share a highly personalized “first-class” customer service model.
Singular Bank has communicated that the operation is part of the growth strategy announced at its launch in 2020 to integrate businesses that provide strategic sense and profitability and that are aligned with its customer-centric values.
It’s about the Singular Bank’s fourth corporate operation in the Spanish market, following the acquisition in 2020 of Belgravia Capital SGIIC SA, the business of MG Valores and the portfolio of the Spanish subsidiary of the Luxembourg Quintet Private Bank.
Javier Marn has valued that these integrations “have been carried out in record time” and have added value from the first moment both to new clients and to the professionals who have joined the bank.
“Our goal is to continue growing to provide differential support for clients who seek personalized attention supported by the talent of the best professionals, independence in the services and products we offer and the best technology to facilitate relationships with them,” he said. pointed.
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