UBS, a multinational investment bank and financial services company based on Switzerland, headquartered on Basel, had recently received approval from a London court to tilt as many as 32 million euros in assets to Germany from UK, as a part of its plan to stay active in the European Union’s business following a Brexit.
The largest bank of Switzerland, the UBS had received approval of moving assets from a Judge, Alastair Norris on Tuesday, the 5th of February. According to the legal ruling, the London-based subsidiary of UBS would be transferring operations including assets, most of which are investment banking activities, to Frankfurt Domiciled UBS Europe on March 1st.
Following the reveal of the hearing, a UBS spokesman had confirmed the decision of London court. The Swiss multinational banking group, had been the latest addition of financial institutions leaving Britain in the wake of an upcoming divorce deal with Europe, as the Brexit deadline March 29th, was ticking on.
Previously, the British bank, Barclays had been allowed to transfer up to 190 billion euros in to its Dublin-based subsidiary, so that the financial institution could operate without facing financial sanctions or harsh EU taxations following the Brexit.
Last year, the UBS announced in its annual report that they would be merging its British entities with UBS Europe, unless UK and EU could reach a rational Brexit deal by Brexit deadline, March 29th.