UBS Launches Pan-European Bank in Frankfurt
The Swiss bank has bundled its eight European subsidiaries into a single bank, Europe SE, based in Germany's financial capital. UBS is also considering moving its London operations to Frankfurt in the wake of Brexit.
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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