HANDELSBLATT EXCLUSIVE

UBS Launches Pan-European Bank in Frankfurt

  • Why it matters

    Why it matters

    The decision by UBS to consolidate its European subsidiaries in Frankfurt is a sign that the German financial capital might eclipse London in the wake of Brexit.

  • Facts

    Facts

    • UBS has consolidated its operations in Germany, Italy, Luxembourg, Austria, Denmark, Sweden, the Netherlands and Spain into a single bank, Europe Se, based in Frankfurt.
    • The Swiss bank has also rolled its continental investment banking operations, which were previously run from London, into Europe Se.
    • Europe Se is a new financial heavyweight, with more than €200 billion in assets under management and 2,500 employees.
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  • Audio

    Audio

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Frankfurt am Abend
The Frankfurt headquarters of UBS is going to need to make some space for new employees. Source: Picture Alliance / Frank Rumpenhorst

It’s a project that has been two years in the making.

When UBS started drafting plans in 2014 to set up a pan-European bank under the code name Cobalt, London was the most obvious choice for the unit’s headquarters.

Britain’s decision this year to leave the European Union, however, changed the Swiss bank’s calculations, and London’s loss has become continent’s gain.

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