UBS Bankers Exit Spanish Wealth Management Business Before Sale

(Bloomberg) -- At least eight private bankers and managers have left UBS Group AG's wealth management business in Spain in recent weeks ahead of its sale to a domestic competitor.

Two senior bankers that dealt with very wealthy clients are among the latest bankers to leave the unit, said two people with knowledge of the moves who asked not to be identified because the information is private. An investment manager with more than 16 years experience at UBS has also left, the people said.

The latest exits add to a string of departures since UBS announced the sale of the unit to Spain's Singular Bank in October for an undisclosed sum. The business had 14 billion euros ($15.6 billion) in assets and 218 employees when UBS disclosed details of a deal that's set to yield a $200 million pre-tax gain when it closes in the third quarter.

A spokesperson for UBS declined to comment.

Singular was launched two years ago by Javier Marin, a former chief executive officer of Banco Santander SA, and private equity firm Warburg Pincus. The bank manages about 6 billion euros in assets.

Banker Departures

Since the announcement of the sale, other bankers have also left UBS's Spanish private banking business.

They include Jose Maria Abril Taboada, a former UBS senior private banker who joined Spain's Bankinter in February after a career at the Swiss bank that stretched back to 2002, according to his LinkedIn page. Jose Maria Gil de Santivanes moved to Credit Suisse Group AG in January after 21 years at UBS, according to LinkedIn.

Spain's Expansion reported on Feb. 9 that 27 employees have left the UBS unit since the Singular Bank deal was announced, of which about 10 were private bankers. The newspaper also said the Swiss bank is hiring 15 bankers.