Dresdner Bank Lateinamerika has sold its Latin American private banking business to UBS, a global financial firm specializing in investment banking and asset management.
The transaction is subject to the necessary approvals and is expected to close during the second quarter of 2005. UBS takes on a business with 137 staff and managed private client assets of E4.8 billion (as per June 30, 2004).
The acquired business, which is the latest in a series of strategic acquisitions made by UBS over the last two years, will be integrated into the company’s Wealth Management International business area.
Martin Liechti, head of Wealth Management International Americas at UBS, commented: This transaction is a great opportunity for us to significantly expand our client franchise and to reinforce our presence especially in Miami and Hamburg. With this step, we will further strengthen our position as one of the major providers of wealth management services for Latin American private clients.
The sale is part of the comprehensive reorganization of Dresdner Bank’s financial activities in Latin America and is part of a move that will see Dresdner Bank’s international private banking business being handled mainly from its European locations.
As part of the refocusing of the business in the region, Dresdner Bank will integrate parts of the corporate banking and investment banking activities of Dresdner Bank Lateinamerika, which it has not sold. These businesses will continue to work with Dresdner Bank’s German and international corporate and financial institution clients in their business ventures and service them with a full range of products.