UBS acquires Nordeas Luxembourg-based private banking business

Under the terms of the deal signed in January 2018, the Swiss private bank through UBS Europe has acquired part of Nordea Bank’s business and its integration onto the former’s platform. The acquisition is expected to offer clients access to global offering and local expertise.

Nordea decided to move ahead with the sale after a review of its private banking international activities. The review was part of the transformation of the company with the objective to focus on its core business and create a better bank for its clients.

In July 2018, Nordea signed a deal to acquire Gjensidige Bank, a Norway-based online bank, for NOK 5.5 billion (EUR 578 million). In September 2018, the Nordic financial services group said that it had extended its open banking platform to Sweden to allow developers to build applications to offer financial solutions for Swedish and Finnish customers.

UBS Europe was created in late December 2016 with headquarters in Germany and branches across Luxembourg, Italy, Spain, Austria, Denmark and Sweden. The UBS subsidiary serves as a European bank and a pan-European wealth manager.