UBS opens pan-European bank on Brexit worries
UBS AG has launched a pan-European bank with headquarters in Frankfurt on Thursday on worries that Britain's exit from the European Union would force its employees in London to move to the continent, Handelsblatt reported.
The project, which has been in the pipeline for two years, will also fold the bank's continental investment banking operations into the new "Europe SE" unit, in addition to its asset management divisions, the report said. This way, the German city is set to profit from a migration of UBS workers out of the London office, which currently employs around 1,500 people, should the United Kingdom lose access to the EU single market following Brexit.
The head of UBS in Germany Thomas Rodermann will become the chief of the pan-European bank, the report stated, while the former German politician Roland Koch is set to take over as a chairman of the division's non-executive supervisory board. It also said that the Europe SE will fold in UBS' business in Germany, Italy, Luxembourg, Austria, Denmark, Sweden, the Netherlands and Spain.