As announced in January 2018, the transaction covers the acquisition of part of Nordea Bank’s business and its integration onto UBS’ platform, thereby providing clients access to its global offering and local expertise.

The decision followed a thorough strategic review of Nordea’s Private Banking International activities. The strategic review was part of the transformation of Nordea with the aim to better manage risk, focus on the core business and deliver an even better bank for the clients. This led to the decision to concentrate Nordea´s private banking activities on the Nordics. The acquisition enables UBS to expand its presence in Europe and further build its position as a key Wealth Manager for Nordic clients in Europe.

UBS confirmed that this important acquisition enabled it to strengthen its business hub in Luxembourg and its position as the leading wealth manager in Europe. With experienced colleagues from Nordea joining UBS can tap into its full potential allowing it to deliver the best possible performance to its clients and business partners.

Nordea commented that its aim was to offer the best and most relevant services to its customers. The bank is currently increasing ts focus on private banking activities in the Nordics. Nordea is certain that with UBS it has found a partner that will deliver high quality and professional advice in line with the needs and requirements of its international private banking clients.

Source: twst.com