UBS is to buy part of Nordea’s Luxembourg-based private banking business for an undisclosed sum.
Following a strategic review of its international operations, the Scandinavian bank’s private banking activities will be re-centred in the Nordic countries.
However, Nordea Asset Management will continue its business activities in Luxembourg.
Completion of the deal is planned for the second half of this year subject to regulatory approval.
René Mottas, country head of UBS Luxembourg, said the transaction would allow it to move its business serving Nordic wealth management clients to a leading position in Luxembourg and in Europe.
Nordea has €13 billion in assets under management.
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