UBS has this afternoon announced that it is launching a Frankfurt headquarters as it consolidates its European wealth management operations.
The bank had been considering London, before its vote to leave the European Union, as the UBS Europe headquarters, as well as well Luxembourg.
The European subsidiary will merge the wealth manager’s existing subsidiaries in Germany, Italy, the Netherlands and Spain, as well as Luxembourg, which already includes the branches for Austria, Denmark and Sweden.
In a statement the bank said the new subsidiary allowed it to more effectively invest in its European business and to better serve clients in those markets.
The subsidiary will have a societas Europaea corporate structure.
A management board has been established with market representatives from each country with UBS German business head Thomas Rodermann acting as its spokesperson.
The UBS Europe supervisory board will be chaired by Roland Koch, chairman of UBS Deutschland AG since 2011.