UBS to Sell Austria Wealth Unit to LGT After Internal Review

UBS Group AG plans to sell its domestic wealth management business in Austria to LGT Group, a private bank owned by the Princely House of Liechtenstein.

The deal is expected to close in the third quarter of 2021 and includes the transfer of about 60 employees as well as client relationships, according to statements from both banks. The unit has approximately 4 billion euros ($4.9 billion) in assets under management.

“Clients and staff in Austria will benefit from being part of a bigger domestic business in Austria,” Christl Novakovic, UBS’s head of wealth management for Europe, said in ...