UBS sees bankers and managers depart from its Spanish unit prior to its sale to a local competitor. A decision by UBS last year to sell its Spanish unit to Singular bank appears to have led to an exodus of at least eight private bankers and managers, Bloomberg reported Wednesday.
Two of the departing bankers are said to handle very wealthy clients, while another investment manager with over 16 years experience is joining them.
The departures add to those who left since UBS announced the sale in October. They include Jose Maria Abril Taboada, who joined Spain’s Bankinter in February, and Jose Maria Gil de Santivanes who in January left for Credit Suisse, the report adds.
UBS’s European bank led by manager Christine Novakovic, is selling its Spanish branch to Singular Bank, which specializes in digital solutions. Investment banking and fund sales activities in the country are not part of the sale, however.
The sale, which is expected to be concluded in the third quarter of this year, was to include all client assets and the UBS team in Madrid. In that respect, some new calculations might be due.