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Benedicte Gravrand, Opalesque Geneva: UBP is to buy the Swiss asset management branch of Banco Santander, according to Swiss and Spanish media reports.

Union Bancaire Privée (UBP), the Geneva-headquartered Swiss bank, confirmed the event to Swiss daily paper Le Temps yesterday. The bank stated that it was not buying back Banco Santander’s Swiss entity as it is now. Rather UBP is studying various options to service some of the Spanish bank’s clients. We do not know yet the amount of the transaction and nor the AuM.

According to Le Temps, the acquisition of this branch of Banco Santander, itself one of Spain’s largest banks, by UBP did not surprise the Geneva financial place as there had been a rumour about it for a while. But it was even less surprising as Spanish banks, many of which in serious financial troubles, are currently trying to offload part of their non-essential businesses. Santander - although one of the healthiest banks in Spain - sold a 51% stake of its Colombia branch for $624m last week, for example.

The Spanish bank, through its Geneva-based fund......................

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