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Allen Overy has advised Nordea Bank S.A. on the sale of part of Nordea’s Luxembourg-based private banking business to UBS Europe SE. Completion was announced on 15 October 2018, further to the signing of the agreement on 25 January 2018.
Nordea Bank is one of the biggest banks in Europe and the third largest corporation in the Nordic region, with a presence in 17 countries. Further to an in-depth strategic review of Nordea’s International Private Banking activities, with the aim of focusing its business and improving its risk management strategy, the decision was made to concentrate Nordea’s private banking activities in the Nordics.
Wealth Management is at the core of UBS Europe’s activities — indeed UBS is Europe’s leading wealth manager; it...
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