UBS Europe is to acquire Nordea’s Luxembourg-based private banking business.
The transaction will enable Nordea Bank’s S.A business to be integrated onto UBS’ advisory platform.
The acquisition follows a strategic review of Nordea’s Private Banking International Activities, Nordea said.
René Mottas, UBS’s Luxembourg country head, said: “This transaction allows us to move our business of serving Nordic wealth management clients to a leading position in Luxembourg and in Europe.
“We look forward to continuing Nordea’s valued and long-standing client-adviser relationships at UBS. We see it as the perfect fit and UBS as an attractive home for Nordea’s transferring clients and employees.”
Snorre Storset, head of wealth management at Nordea, said: “We believe that with UBS we have found a reliable partner for our clients, who will meet their individual needs and requirements with the highest possible quality and professionalism.”
In December 2016, UBS launched UBS Europe with its head office in Germany and other branches in Luxembourg, Italy, Spain, Denmark and Sweden.
Nordea said UBS Luxembourg acts as a competence centre for hosting and serving cross-border business for clients domiciled in the EEA and as an active growth strategy for the Nordics cross-border market.
The acquisition is subject to regulatory approval and a number of conditions. It is expected to be wrapped up in the second half of 2018.