UBS France to buy Banca Leonardo’s private banking arm

PARIS: UBS France is to buy the local private banking arm of Italy’s Banca Leonardo, the latest instance of consolidation in the private banking industry, which is having to contend with rising regulatory costs and a pressure on fees.
As part of the deal UBS France, a subsidiary of UBS Group, will also create a joint-venture wealth management boutique with the executives of Banque Leonardo France, the firm it is buying, that will be called “La Maison de Gestion”.
UBS France will hold a majority stake in the joint venture and the remainder will be held by La Maison de Gestion and some of its shareholders, including the Dassault group and Michel David-Weill, former chairman of the investment bank Lazard.
UBS France said the deal would strengthen its asset management arm, with the new joint venture company holding about 4 billion euros (£3.40 billion) of assets under management.
“With this transaction, UBS France strengthens its roots and its ambitions in France,” UBS France’s chairman Jean-Frederic de Leusse said in a statement. The companies did not disclose any price regarding the deal. — Reuters