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29.05.2013 We have announced our intention to sell the activities of our Geneva-based Private Bank and its associated Branches and representative offices in Zurich, Monaco, Gibraltar, and Uruguay, to Union Bancaire Privée, UBP SA. The transaction is subject to a number of conditions, including regulatory approval in all relevant jurisdictions. The deal is expected to complete in a number of stages, with the majority of the business expected to transfer in the second half of 2013 and the remainder in the first quarter of 2014.
At the same time, we have separately announced our intention to sell the activities of our Miami-based International Private Banking office to Banco Sabadell, S.A. This parallel, but distinct, transaction is also subject to certain regulatory approvals, and is expected to complete during the fourth quarter of 2013 or the first quarter of 2014.
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