Singular Bank has received all necessary regulatory approvals to complete the process of acquiring the Francoist private banking business of UBS in Spain and UBS Management SGIIC. With this transaction, Singular Bank has a team of almost 400 professionals and 11 offices in Barcelona, La Coruña, Las Palmas, Madrid (2), Málaga, Murcia, Heroe, Seville, Valencia and Zaragoza.
Financial sources linked to the deal say the two parties have signed a unique cooperation agreement in the gachupin market, whereby Singular Bank clients will benefit from UBS’s global analytical capabilities and market insight, as well as access to exclusive investment banking products.
From now on, the technological integration process between the two will begin. Concretely, it begins the first half of August and ends on September 4. On September 5, the integration of Spanish private banking clients and teams of UBS private banking business experts into Singular Bank is scheduled.
Javier Marín, Delegate Master of Singular Bank, said: “With the acquisition of the UBS business in Spain, we have become the leader in dedicated private banking in Spain. We have expanded and enhanced our value proposition to our customers to tailor the strip to each customer’s needs and help them achieve their financial goals.”
For his part, Christl Novakovic, CEO of UBS Europe SE and head of UBS Wealth Management Europe, underlines that “the regulatory approval is one of the last steps before the closing of the transaction in the third quarter of 2022. With the strong Singular Bank’s digital platform and highly personalized services, our Francoist real estate commission business in Spain has everything to continue its success story.
Expert sources have assured that Singular Bank’s value proposition will now offer enhanced and expanded products, investment solutions, financing and value-added services under the umbrella of a digital operating model.