Santander continues asset sell off, as UBP builds up
Banco Santander is selling off another part of its business, this time its Swiss asset management arm, to Geneva-based Union Bancaire Privée (UBP).
UBP has confirmed the deal is in the process of being finalised.
The deal strengthens Santander’s balance sheet at a time when the Spanish banking sector is in crisis. At the end of May, the Spanish bank sold its Colombian assets to Chilean bank Corpbanca SA, for $1.23bn.
The deal would allow UBP to better service the Spanish market, and is part of a broader strategy to strengthen its position within the private banking sector.
In August 2011, the Swiss bank acquired ABN Amro Bank (Switzerland) to consolidate its market position. At the time of the acquisition, ABN Amro Bank (Switzerland) held €11bn in assets under management.
Earlier this year, UBP completed the acquisition of Nexar Capital, a hedge fund business managed by Arie Assayag.
At the end of 2011, the Swiss bank had Sfr72bn in assets under management. UBP declined to comment.