UBS AG (UBS) is set to sell its Belgian operations – UBS Belgium – to Brussels-based Puilaetco Dewaay Private Bankers. The announcement made Thursday did not reveal the terms of the deal.
UBS Belgium has over €3 billion ($3.74 billion) in assets under management, around 2,500 clients and 60 staff members, including 20 private bankers. The deal covers the transfer of employees, client relationships and client assets of UBS Belgium. The deal is expected to close in the first half of 2015.
This move from the Swiss banking giant seems to be in line with its strategy to concentrate on its onshore private banking business and serve clients in core markets.
The deal will bolster the business of Puilaetco Dewaay, which is owned by Luxembourg-based KBL European Private Bankers (KBL epb). With this, Puilaetco Dewaay will have over €10 billion ($12.46 billion) in assets under management and serve almost 10,000 clients.
We remain optimistic as UBS is striving for growth while working on its internal inefficiencies including the gradual resolution of legal issues. Amid the overall economic volatility, UBS AG aims at building its capital levels while restructuring initiatives including cost control are encouraging.
UBS currently carries a Zacks Rank #2 (Buy). Some better-ranked stocks in the finance space include The Royal Bank of Scotland Group plc (RBS), Ally Financial Inc. (ALLY) and Monroe Capital Corporation (MRCC). All these stocks sport a Zacks Rank #1 (Strong Buy).
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