Uni Credit sells out to DZ

The Luxembourg arm of UNI Credit Bank has sold off part of its Private Banking activities to thrusting Swiss Bank DZ Privat bank. The deal will go through by the end of 2010, obviously subject to the required corporate and regulatory authorisations.

The business being transferred includes around ten thousand customers and a mass of employees. In total it amounts to around twenty two percent of Banks total assets under management.

UNI Credit Luxembourg will maintain its current Luxembourg operations in other areas such as corporate banking, investment banking and treasury. It aims to focus its Private Banking activities in Luxembourg upon Wealth management services and solutions for the uber rich.

The full repercussions for Luxembourg banking jobs, the creation of new jobs in Luxembourg and new recruitment mandates at both banks remains to be seen.