The
Swiss bank, UBS, signed at the beginning of
January 2005, an agreement to acquire the private
banking business of Dresdner Bank Lateinamerika
(DBLA), a wholly-owned subsidiary of the German
banking group, Dresdner Bank, which is in turn
controlled by the Allainz insurance group.
DBLA, which is headquartered in Hamburg, was
founded more than a century ago to finance trade
between Germany and Latin America, and has developed
an important private banking activity for high
net-worth individuals in Latin America in addition
to its original investment banking business.
Under the transaction, which is due to be finalised
in the second quarter of 2005, UBS will acquire
137 employees and some 4.8 billion of assets
under management.
Dresdner will integrate the investment banking
activities of DBLA at the end of 2006 while
the remaining activities of DBLA are expected
to be sold off or closed down.
