UBS has officially decided to keep Credit Suisse’s private banking business in Spain, despite the fact that last year the company left this segment by selling it to Singular Bank, with which it maintains a non-compete agreement.

“UBS plans to retain Credit Suisse’s wealth management business in Spain after the planned acquisition,” he said. Europe Press representative of a Swiss bank.

“This is an established, solid and profitable business with trusted customer relationships and a dedicated team of professionals. We see good potential for further development of this business in the future,” he added.

NeverthelessUBS’s decision would be contrary to the non-compete agreement with Singular Bank.which acquired UBS’s private banking business in Spain last year for around 200 million euros.

In recent weeks, Singular Bank CEO Javier Marin has publicly said that UBS will have to abandon Credit Suisse’s private banking business.

“When you buy a competitor, the first thing you do in any business is sign a non-compete agreement. You can’t let them open up here tomorrow and empty your bank. I would buy an empty shell. Therefore, we sign a non-competition clause with your deadlines. Non-competition clause, natural or consequential, which is normal in these cases.”Marin said at the end of April in an interview with the newspaper Extension.

According to financial sources contacted by Europa Press, UBS is convinced that integrating Credit Suisse’s private banking business goes beyond this non-compete agreement and that it is in line with its regulatory and contractual obligations.

Thus, UBS has ruled out existing market interest in acquiring this branch of Credit Suisse.. Although there have been no official talks, Credit Suisse’s private banking has attracted interest from some entities such as AndBank, Europa Press reported two weeks ago, although UBS has already spoken out in favor of keeping the business going.