(Bloomberg) -- UBS Group AG is selling its wealth management business in Spain to Singular Bank for an undisclosed amount, according to a statement from the Swiss bank on Monday.

The disposal includes the transfer of all employees, client relationships, products and services from UBS’s Spanish private banking unit to Singular. The transaction is expected to close in the third quarter of next year and is subject to approval by the relevant authorities. The bank found after a review that the Spain business had a high need for future investments in IT compared to the growth opportunities it represented.

The Swiss bank’s wealth business in Spain has assets of around EUR 14 billion and 218 employees, according to the statement. The transaction doesn’t include UBS’s asset management and investment banking in business in Spain.

UBS Chief Executive Officer Ralph Hamers is seeking to make his mark on the global wealth manager one year into the role. He’s questioned the need for having a domestic presence where a local partnership might work better for the day-to-day banking needs of wealthy clients. 

UBS announced plans to sell its domestic wealth business in Austria last year to LGT Group, a private bank owned by the Princely House of Liechtenstein.

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