M and A
UBS Belgium Is Sold To Local Private Bank
Belgian private bank Puilaetco Dewaay has bought UBS Belgium for an undisclosed sum.
Belgian private bank Puilaetco Dewaay
has bought UBS Belgium for an undisclosed sum.
It increases Brussels-based Puilaetco Dewaay's assets by a third
to roughly $12.5 billion.
UBS's Belgian activities were small in comparison to neighbouring
markets including France and Britain, which manage $371 billion
in total European onshore money.
"This transaction represents an outstanding opportunity, in a
highly competitive environment, to rapidly expand our team, meet
increased demand and lay the foundation for accelerated future
growth," said Thierry Smets, chief executive at Puilaetco
Dewaay.
UBS employs 60 staff in Belgium, including 20 private bankers. A
UBS spokesman said the
sale was part of a strategy for the Swiss bank to focus on
onshore private banking.
