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.
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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.
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.”
