Swiss private bank UBS acquisition of Nordea Luxembourg private banking unit has been finalised. Financial terms of the deal were not disclosed.

As part of the deal, the acquired business will be integrated onto the UBS platform.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

UBS acquisition of Nordea Luxembourg reactions

UBS head of wealth management for EMEA Christine Novakovic said: “Today, we can announce the completion of this important acquisition which enables us to strengthen our business hub in Luxembourg and our position as the leading wealth manager in Europe.

“With our experienced colleagues from Nordea joining we can tap into our full potential allowing us to deliver the best possible performance to our clients and business partners.”

The deal was first announced in January this year after carrying out a review of Nordea’s Private Banking International Activities.

The aim of the review was to manage risk more effectively, while focusing on core operations.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Nordea head of asset and wealth management Snorre Storset said: “Our aim is to offer the best and most relevant services to our customers, and we are currently increasing our focus on private banking activities in the Nordics.

“We are certain that with UBS we have found a partner that will deliver high quality and professional advice in line with the needs and requirements of our international private banking clients.”