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Changes in organization and acquisitions and disposals of subsidiaries and businesses
 12 Months Ended
Dec. 31, 2022
Entity [Table]  
Disclosure of changes in organisation and disposals [text block]
Note 29
 
Changes in organization and acquisitions and disposals
 
of subsidiaries and
 
businesses
 
Disposals of subsidiaries and businesses
Sale of UBS Swiss Financial Advisers AG
In the
 
third quarter
 
of 2022,
 
UBS
 
completed the
 
sale
 
of its
 
wholly owned
 
subsidiary UBS
 
Swiss Financial
 
Advisers
 
AG
(SFA) to Vontobel. UBS continues to refer US clients that want to have
 
discretionary portfolio management or investment
advisory services booked
 
in Switzerland
 
to Vontobel
 
SFA.
 
Upon
 
completion of the
 
sale, UBS
 
recorded a
 
pre-tax gain
 
of
USD
86
m in 2022, which was recognized in
Other income
.
Prior to completion of the sale, the assets and liabilities that were subject to the transaction were presented as a disposal
group held
 
for sale within
Other non-financial assets
 
and
Other non-financial liabilities
 
(31 December 2021:
 
USD
446
m
and USD
475
m, respectively).
Sale of wealth management business
 
in Spain
UBS completed
 
the sale of
 
its domestic
 
wealth
 
management business
 
in Spain
 
to Singular
 
Bank in
 
the third
 
quarter of
2022. The sale
 
included
 
the transition
 
of employees, client
 
relationships, products and services
 
of the
 
wealth management
business of UBS
 
in Spain and resulted in a pre-tax gain of
 
USD
133
m in 2022, which was recognized in
Other income
.
Prior to completion of the sale, the assets and liabilities that were subject to the transaction were presented as a disposal
group held
 
for sale within
Other non-financial assets
 
and
Other non-financial liabilities
 
(31 December 2021:
 
USD
647
m
and USD
823
m, respectively).
Sale of US alternative investments administration
 
business
In the
 
fourth quarter
 
of 2022,
 
UBS
 
sold
 
its US
 
alternative investments
 
administration
 
business
 
and
 
recorded
 
a pre
 
-tax
gain of USD
41
m gain in
Other income
.
Sale of investments in associates and
 
joint ventures
UBS sold its minority
 
investment (49%) in its Japanese real estate
 
joint venture, Mitsubishi Corp.-UBS Realty Inc., in 2022.
›
 
Refer to Note 28b
 
for more information
Acquisitions of subsidiaries and
 
businesses
Wealthfront
In August
 
2022, UBS and
 
Wealthfront mutually agreed
 
to terminate their
 
merger agreement, under
 
which Wealthfront
was to be acquired by UBS Americas Inc. In the third quarter of 2022, UBS purchased a USD
69.7
m note convertible into
Wealthfront shares.
UBS AG  
Entity [Table]  
Disclosure of changes in organisation and disposals [text block]
Note 29
 
Changes in organization and acquisitions and disposals
 
of subsidiaries and
 
businesses
 
Disposals of subsidiaries and businesses
Sale of UBS Swiss Financial Advisers AG
In the third quarter of 2022,
 
UBS AG completed the sale of its wholly owned
 
subsidiary UBS Swiss Financial Advisers AG
(SFA)
 
to
 
Vontobel.
 
UBS
 
AG
 
continues
 
to
 
refer
 
US
 
clients
 
that
 
want
 
to
 
have
 
discretionary
 
portfolio
 
management
 
or
investment advisory
 
services booked
 
in Switzerland to
 
Vontobel
 
SFA.
 
Upon
 
completion of
 
the sale, UBS
 
AG recorded
 
a
pre-tax gain of USD
86
m in 2022, which was recognized
 
in
Other income
.
Prior to completion of the sale, the assets and liabilities that were subject to the transaction were presented as a disposal
group held
 
for sale within
Other non-financial assets
 
and
Other non-financial liabilities
 
(31 December 2021:
 
USD
446
m
and USD
475
m, respectively).
Sale of wealth management business
 
in Spain
UBS AG
 
completed the sale
 
of its domestic
 
wealth management
 
business in
 
Spain to Singular
 
Bank in the
 
third quarter
of
 
2022.
 
The
 
sale
 
included
 
the
 
transition
 
of
 
employees,
 
client
 
relationships,
 
products
 
and
 
services
 
of
 
the
 
wealth
management business
 
of UBS
 
AG in Spain
 
and resulted
 
in a pre-tax
 
gain of
 
USD
133
m in 2022,
 
which was
 
recognized
in
Other income
.
Prior to completion of the sale, the assets and liabilities that were subject to the transaction were presented as a disposal
group held
 
for sale within
Other non-financial assets
 
and
Other non-financial liabilities
 
(31 December 2021:
 
USD
647
m
and USD
823
m, respectively).
Sale of US alternative investments administration
 
business
In the fourth quarter of 2022, UBS AG sold its US alternative investments administration business and recorded a pre-tax
gain of USD
41
m gain in
Other income
.
Sale of investments in associates and
 
joint ventures
UBS AG
 
sold its minority investment
 
(49%) in
 
its Japanese real
 
estate joint venture,
 
Mitsubishi Corp.
 
-UBS Realty Inc.,
 
in
2022.
›
 
Refer to Note 28b
 
for more information
Acquisitions of subsidiaries and
 
businesses
Wealthfront
In
 
August
 
2022,
 
UBS
 
AG
 
and
 
Wealthfront
 
mutually
 
agreed
 
to
 
terminate
 
their
 
merger
 
agreement,
 
under
 
which
Wealthfront was to be acquired by UBS Americas Inc. In the
 
third quarter of 2022, UBS AG purchased a USD
69.7
m note
convertible into Wealthfront
 
shares.