Javier Marin he collects the large piece that was missing to give scale to his private banking project, Single Bank. The bank he runs with the financial support of venture capital Warburg Pincus just announced the deal purchase of the business wealth management of UBS in Spain, amounting to 15,000 million euros, in line with the information that EL ESPAÑOL-Invertia had advanced.
There are two key aspects of the acquisition. Singular will be main independent bank for high net worth individuals in Spain, with 20,000 million in assets, and has sealed a strategic alliance with the Swiss bank to develop services in other related areas and abroad.
The operation will be 100% equity financed without affecting the solvency of Singular Bank, whose capital base at closing will exceed 300 million euros and with a CET1 ratio of approximately 20%, consolidating itself as one of the most solvent banks in Spain and Europe.
As part of the transaction, both entities have agreed to develop a strategic collaboration to provide clients of the Spanish bank access to products, investment solutions and services from the UBS Global Wealth Management divisions, Asset Management and Investment Banking.
The cooperation agreement, which the parties have agreed to develop with all the divisions of UBS, “contributes to expanding the offer of services for the benefit of clients and bankers”, they point out in the joint press release that the two entities have prepared.
Third quarter of 2022
The transaction also includes the acquisition of the shares of UBS Management SGIIC. The transaction, on the other hand, does not include the businesses of the Asset Management and Investment Banking divisions of UBS in Spain, nor the respective functions linked to them, which will remain as before at UBS.
The transaction is expected to be completed in the third quarter of 2022, after obtaining the relevant regulatory authorizations. Although the price of the operation has not been disclosed, knowledgeable sources assure that it is around €225 million, payable with a fixed amount and another variable to three yearsdepending on the capacity of Singular to retain current UBS clients.
“We are excited and proud of this operation, which is a milestone in the transformation of the sector in Spain, creating the leading independent private bank, with first-class human and technological capital. Our goal is to continue offering a differential service to our clients, through a highly personalized and innovative offer, to help them achieve their financial objectives”, indicates Marín, CEO of Singular.
“Given its strong independent profile in Spain and our shared vision of a highly personalized, first-class customer service model, I am delighted with the success of this transaction and deeply believe that Singular Bank is the best possible buyer for our banking business. domestic private banking in Spain. The transaction will create a unique value proposition for employees and clients and position the business for future growth opportunities,” says Christl Novakovic, CEO of UBS Europe SE and head of UBS Wealth Management Europe.
Marin’s fourth purchase
To this he adds that, “regardless of this decision, we remain committed to our main European markets and with the consolidation of our leadership position in them”.
This is the fourth corporate operation of Singular Bank in the Spanish market, after the acquisition in 2020 of Belgravia Capital, of the business of MG Values and the portfolio of the Spanish subsidiary of the Luxembourg Quintet Private Bank.