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Dresdner Bank Lateinamerika sells Private Banking business to UBS

Dresdner Bank Lateinamerika (DBLA) sells its Latin American Private Banking business to Swiss UBS, as provided in an agreement, which both companies have now signed. The transaction is subject to the necessary approvals and is expected to close during the second quarter of 2005. UBS takes on 137 staff of DBLA, who manage €4.8 bn private client assets (as per June 30, 2004).

The sale is part of the comprehensive reorganization of Dresdner Bank’s business activities in Latin America. Dresdner Bank’s international private banking business will be handled mainly from the European locations.

As part of the refocusing of the business in the region, Dresdner Bank AG will integrate parts of the corporate banking and investment banking activities of DBLA. These businesses will continue to work with Dresdner Bank’s German and international corporate and financial institution clients in their business ventures and service them with a full range of quality products.