ABN AMRO UBP

I heard ABN Amro has agreed to sell its Swiss private banking operation to Union Bancaire Privée (UBP) , is it so , plz tell me about this agreement??

ABN AMRO Bank N.V. is a Dutch bank with headquarters in Amsterdam. ABN AMRO Bank is the third-largest bank in the Netherlands. It was re-established in its current form in 2009,

ABN Amro has agreed to sell its Swiss private banking operation to Union Bancaire Privée (UBP). The deal marks the first stage of long-expected consolidation in the Swiss private banking industry that had been prompted by the financial crisis but stalled by regulatory uncertainties.

Geneva-based Union Bancaire Privée (UBP), one of Switzerland’s most dynamic private banks, and Netherlands-based ABN Amro declined to reveal a price. The subsidiary had assets of about €11bn ($15bn) at the end of the first quarter and 350 employees.

Bank profile:
Type Naamloze vennootschap under public ownership
Traded as Euronext: ABN
Industry Financial services
Founded 1991; 26 years ago
Headquarters Amsterdam, Netherlands
Key people Kees van Dijkhuizen (CEO)
Products Asset management
Commercial banking
Investment banking
Private banking
Retail banking
Operating income 8.455 billion Euros (2015)
Profit 1.924 billion Euros (2015)
AUM 183.7 billion Euros (2014)
Total assets 390.317 billion Euros (2015)
Total equity 17.584 billion Euros (December 31, 2015)
Number of employees 22,048 (2015)

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