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UBS chooses Frankfurt over London for its wealth management business

Swiss banking giant UBS has set up a bank in Frankfurt to consolidate most of it European wealth management operations, a significant boost for the German city as it seeks to establish itself as a rival financial hub to London following the Brexit vote.

Zurich-based UBS, said in a statement that most of its wealth management businesses in Europe have been combined into a subsidiary in Frankfurt called UBS Europe SE.

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