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Report: UBS French unit to acquire Banque Leonardo in France

UBS (France) SA agreed to acquire Banca Leonardo SpA's French private banking unit Banque Leonardo SA, Reuters reported Dec. 22.

The UBS Group AG subsidiary will also establish a wealth management firm, to be called "La Maison de Gestion," with Banque Leonardo executives as part of the deal, according to the report. The firm will be majority-owned by UBS (France), with La Maison de Gestion and its shareholders getting the remainder. The joint venture will hold about €4 billion of AUM.

The deal, terms of which were not disclosed, will increase UBS (France)'s AUM to €13 billion from €11 billion, Reuters said, citing an interview in Les Echos with UBS (France) Chairman Jean-Frédéric de Leusse.

Banca Leonardo said the deal would allow it to focus on its core private banking market in Italy, Reuters noted.