UBS to promote Austrian wealth enterprise to LGT

UBS is promoting its home Austrian wealth administration enterprise to Liechenstein-based personal financial institution LGT, the Swiss banking big mentioned on Wednesday.

Phrases of the sale of the enterprise, with just below 5 billion euros ($6.09 billion) in managed belongings and a few 50-60 workers, weren’t disclosed.

UBS, the world’s greatest in wealth administration, plans to redeploy the proceeds of the sale into rising markets in Europe or elsewhere in its wealth administration enterprise, European head Christl Novakovic mentioned in an announcement.