A little over a week ago we found out that Barclays obtained approval from the High Court to move £166bn (€190bn) of assets to Dublin. Now the UK arm of Swiss banking group UBS has apparently received approval to transfer €32bn worth of assets to its German arm, UBS Europe SE. And so, the fear of a no-deal Brexit continues…
Donald Tusk, the European council president, has said there was a "special place in hell" for politicians who promoted Brexit "without even a sketch of a plan" A unit of Swiss banking group UBS has secured the green light to transfer some of its UK assets to Germany, Bloomberg reported. The transfer from British arm UBS Ltd. to German unit UBS Europe SE will take place next month. Less than 200 jobs are expected to be affected by the move, which involves the transfer of assets worth €32bn. Judge Alastair Norris, who gave the nod to the asset transfer, said that the move is triggered by the bank's "external shock" of Brexit. Companies are becoming increasingly worried as there is still no deal with only weeks to go before the UK has to leave the EU.
https://www.internationalinvestment.net/news/4000804/europe-leader-talks-about-special-hell-brexiters-company-moves-assets-uk
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