EFG International has agreed to buy the Luxembourg-based private banking activities of UBI Banca International, subject to regulatory approval; completion is expected to be during the first half of 2017. UBI's Madrid and Munich branches are not included in the deal, as are its fiduciary and corporate banking activities. The acquisition will add a new layer of complexity for UBI, which already faces challenges from other European banks that have been acquired by U.S. financial institutions.
EFG International has agreed to buy the Luxembourg-based private banking activities of UBI Banca International, subject to regulatory approval; completion is expected to be during the first half of 2017. UBI's Madrid and Munich branches are not included in the deal, as are its fiduciary and corporate banking activities. The financial terms of the deal have not been disclosed.