Allen & Overy has advised Nordea Bank S.A. on the sale of part of Nordea’s Luxembourg-based private banking business to UBS Europe SE; completion was announced on 15 October 2018, further to the signing of the agreement on 25 January 2018.
Nordea Bank is one of the biggest banks in Europe and the third largest corporation in the Nordic region, with a presence in 17 countries. Further to an in-depth strategic review of Nordea’s International Private Banking activities, with the aim of focusing its business and improving its risk management strategy, the decision was made to concentrate Nordea’s private banking activities in the Nordics.
Wealth Management is at the core of UBS Europe’s activities — indeed UBS is Europe’s leading wealth manager; it is also a ‘cross-divisional entity’ of Asset Management, Investment Banking and Wealth Management. It is headquartered in Germany, with branches in Luxembourg, Italy, Spain, Austria, Sweden and Denmark.
The core Allen & Overy transaction team was headed by partner André Marc, counsel Thomas Berger, counsel Jacques Graas and associate Victoria Woestmann.
Banking / insurance law advice was provided by counsel Paul Péporté, associate Thomas Drugmanne, associate Raymond Ntwali and junior associate Déborah Bagoudou. Employment law advice was provided by senior associate Maurice Macchi. Data protection advice was provided by partner Katia Manhaeve, tax law advice by counsel Julie Carbiener and additional corporate law advice by associate Safa Geimel.