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UBS Sets Up Frankfurt HQs for European Wealth Management Operation

December 2, 2016

Shot in the arm for German city vying to become alternative to London

 

Frankfurt, a financial center vying with other European cities to replace London as the go-to site for for global investment banking operations, just got a shot in the arm from Swiss banking giant UBS Group. Zurich-based UBS announced Thursday that it has established a long-anticipated entity in Frankfurt to centralize European operations. Most of UBS’s wealth management businesses in Europe have been combined into the subsidiary, dubbed UBS Europe SE.

 

UBS’s establishment of its Frankfurt subsidiary, which is regulated by Germany’s BaFin, enables the bank to free up capital held protectively in various other European countries in response to local regulators’ demands.

 

UBS will continue to be present in European countries like the Netherlands and Spain through branches.