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UBS gets approval to transfer 32 billion euros of assets from UK to Germany

Staff Writer |
UBS has received approval from a London court to move up to 32 billion euros ($36.44 billion) in assets from Britain to Germany.

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UBS received approval from Judge Alastair Norris on Tuesday to transfer operations from UBS Limited, its London-based subsidiary primarily handling investment banking activities, to Frankfurt-domiciled UBS Europe SE on March 1.

UBS's plans could be deferred until July 24 at the latest if the bank "receives sufficient comfort before then that suitable transition arrangements have been agreed by the U.K. and the EU," according to court filings cited by Bloomberg, which first reported the court's decision.

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