UBS: decision on the seat of UBS Europe by the end of year

UBS wants to create a European bank focused on the administration asset: UBS will have the name of UBS Europe SE, by grouping different units in the EU. Writes the Handelszeitung (HAZ), adding that the venue will be in Frankfurt and that the departure is scheduled in the fourth quarter.

When contacted by the agency AWP, a spokeswoman for UBS confirmed in essence the plans, stating that the venue has not yet been selected and the decision will be made later this year.

According to the HAZ, UBS Europe SE will encompass units of independent wealth management to date in Luxembourg, Italy, Spain, Holland and Germany. The new company will also have branches in Austria, Denmark, Ireland and Sweden, all branches that were previously subject to UBS Luxembourg.

The operation's objective is to obtain a single banking license for the entire continent, thus avoiding the permissions for each market. So there are possible savings of up to 100 million francs a year, writes the HAZ.