UBS Agrees to Buy Italy Private Wealth Unit from Santander

UBS Group AG agreed to buy an Italian wealth management division from Banco Santander SA with about 2.7 billion euros ($2.9 billion) of assets under management.

The deal is set to close in the first four months of 2016 pending regulatory approval, UBS said in a statement on Tuesday. The Milan-based Santander unit provides investment advice to high-net-worth individuals and families, according to the statement.

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