Vontobel acquires UBS SFA business with 7.2 bln Sfr in assets

The logo of Swiss private bank Vontobel is seen at an office building in Zurich, Switzerland December 9, 2019. REUTERS/Arnd Wiegmann

ZURICH, Dec 16 (Reuters) – Swiss bank Vontobel said on Thursday it signed an agreement to purchase UBS Swiss Financial Advisers AG (SFA), a Zurich-based subsidiary of UBS AG (UBSG.S), to boost its wealth management business for U.S. clients.

Vontobel said in a statement SFA had 7.2 billion Swiss francs ($7.78 billion) in assets under management as of Sept. 30. No additional financial details were disclosed.

($1 = 0.9250 Swiss francs)

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Reporting by Silke Koltrowitz; Editing by Michael Shields

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