UBS to reshuffle European wealth management biz
Swiss financial group UBS has announced its Luxembourg branch UBS Luxembourg and other UBS’ entities in Europe will merge to become UBS Deutschland AG as from 1 December.
In a statement to its clients, the company said that at the same time, a new company will gather these entities under the brand UBS Europe which will be headquartered in Frankfurt and regulated by German market authority BaFin.
Once the merger effective, UBS Luxembourg will cease to exist as a Luxembourg-domiciled company. However, all activities of the group in Luxembourg will be covered by a local branch of UBS Europe.
All assets and liabilities of UBS Luxembourg will be transferred to UBS Europe’s Luxembourg branch.
In September, UBS relocated some 56 back-office jobs from its wealth management unit in Luxembourg to its Polish subsidiary located in Wroclaw.