UBS in talks to acquire Banco Santander’s Italian private banking operation
(22 November 2015 – Italy) UBS' Italian wealth management arm has agreed to acquire Banco Santander's private banking business in Italy according to media sources.
Based in Milan, Santander Private Banking (SPB Italia) has US$2.9 billion (A$4 billion) worth of assets under management.
SPB Italia has six branch offices in Milan, Varese, Brescia, Rome, Napoli and Salerno and offers financial advice and investment products to high-net worth individuals and their families.
UBS Italia CEO Fabio Innocenzi was quoted as saying: "This transaction is a natural fit with our current wealth management offering in Italy in terms of both business and culture.
"It also represents a perfect opportunity to grow UBS's business and to further expand our market share in Italy."
The New York Times reported that the acquisition is expected to be completed in the first quarter of 2016.
Upon completion of the deal, SPB Italia's business will be combined into UBS Italia's operations.
Another source familiar with the matter told The Financial Times: "The private banking business in Italy hasn't gone as expected. There's not enough volume to support the necessary infrastructure.
"On the other hand UBS has a strong position in Italy so it made sense to transfer the business to them."
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