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EFG International to buy UBI Banca International (Luxembourg)

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EFG International to buy UBI Banca International (Luxembourg)

EFGInternational AG agreed to acquire 'sLuxembourg-based private banking activities from Unione di Banche Italiane SpA.

Terms of the transaction were not disclosed.

The deal is structured as a cash acquisition of UBI BancaInternational (Luxembourg) and will have no material impact on EFG's regulatorycapital position. The acquisition does not include UBI's Madrid and Munichbranches or its fiduciary and corporate banking activities. Thebusiness to be acquired comprises approximately €3.6 billion of client assets.

Closing of the deal is expected in the first half of 2017.Once the deal is completed, UBI Banca International (Luxembourg) will becombined with EFG Bank(Luxembourg) SA.