- December 16, 2021
- Posted by: Stratford Team
- Category: Business
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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
Our Standards: The Thomson Reuters Trust Principles.
