UBS gets approval to shift €32bn of assets from Britain
Switzerland's biggest bank will transfer operations from its London-based UBS Limited to Frankfurt on March 1
Zurich — UBS has received approval from a London court to move up to €32bn in assets from Britain to Germany as part of plans to keep business in the European Union after Brexit. UBS, Switzerland's biggest bank, 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. A UBS spokeswoman confirmed the court's decision. The Swiss banking group is the latest financial institution to disclose a material transfer of its business away from London ahead of Britain's departure from the EU on March 29. British bank Barclays was granted permission to transfer €190bn in assets to its Dublin-based subsidiary so it could continue to serve its EU clients in the event of a no-deal Brexit. UBS's plans could be deferred until July 24 at the latest if the bank "receives sufficient comfort before then that suitable transition arrangements...