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UBS Bankers Exit Spanish Wealth Management Business Before Sale

  • UBS announced sale of Spanish private banking unit in October
  • Sale to Spain’s Singular Bank is set to close in third quarter


Photographer: Chris Ratcliffe/Bloomberg

At least eight private bankers and managers have left UBS Group AG’s wealth management business in Spain in recent weeks ahead of its sale to a domestic competitor.

Two senior bankers that dealt with very wealthy clients are among the latest bankers to leave the unit, said two people with knowledge of the moves who asked not to be identified because the information is private. An investment manager with more than 16 years experience at UBS has also left, the people said.