UBS Agrees to Sell Belgian Private Banking Business to Puilaetco

UBS AG, the world’s biggest manager of money for the wealthy, agreed to sell its business in Belgium with more than 3 billion euros ($3.7 billion) in assets under management to Puilaetco Dewaay Private Bankers.

The acquisition is subject to regulatory approvals and is expected to be completed in the first half of 2015, Brussels-based Puilaetco Dewaay said in a statement today. The UBS business, with about 2,500 clients, employs 60 people including 20 private bankers, it said.

Marcel Bruehwiler, chief executive officer of UBS’s Belgium unit, was charged in Brussels in June as part of a probe into a multibillion-euro tax fraud. UBS Belgium has not been subject to the investigation, Serge Steiner, a spokesman for the Zurich-based bank, said by phone today.

Puilaetco Dewaay said it will manage more than 10 billion euros in assets and serve almost 10,000 clients after the acquisition. The company, founded in 1868, is a member of KBL European Private Bankers.

UBS managed 1.94 trillion francs ($2 trillion) in assets for wealthy clients worldwide at the end of September.

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