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UBS Is Said to Consider Sale of Spanish Wealth-Management Unit

  • CEO Ralph Hamers has said bank could make country exits
  • UBS is reviewing all businesses ahead of strategic update
Ralph Hamers

Ralph Hamers

Photographer: Stefan Wermuth/Bloomberg

UBS Group AG is considering disposing of its wealth-management presence in Spain as part of Chief Executive Officer Ralph Hamers’ review of the bank’s footprint, people with knowledge of the matter said.

Switzerland’s largest bank, which has a domestic wealth business in Spain with assets of about 10 billion Swiss francs ($11 billion), is reviewing options which may lead to a sale or exit, the people said, declining to be identified discussing private matters. The business would likely be of interest to domestic Spanish lenders, the people said.