Four veteran UBS bankers have joined Liechtenstein's LGT Bank. Based in Zurich, they serve wealthy clients in Spain and Portugal, finews.com has learned.
LGT hired a new team to serve clients from the Iberian Peninsula, with the four-strong team coming from UBS and beginning work at the Zurich branch of the Liechtenstein-based princely bank at the beginning of October, it was confirmed to finews.com.
Three-Quarters of a Century of Experience
From Zurich, the quartet previously worked for the Spain desk of Switzerland's largest bank for several years. The team comprises leader Alvaro Atienza de Mendizabal, managing directors Ruben Varela and Jorge Tapia, with Aitor Castiñeiras as a client advisor.
The four private bankers bring 76 years of financial experience to the new role, 42 of which were on the HNWI Iberia team at UBS Zurich. Previous career stations include Goldman Sachs, Deutsche Bank, and the Japanese competitor MUFG.
Three Dedicated Iberia Teams
Hiring the four ex-UBS bankers underlines LGT's ambitions to expand its business with wealthy clients from Spain and Portugal, where the Liechtenstein bank has become a significant force. LGT now has three teams dedicated to Iberian clients, two in Zurich and one in Geneva.
The Iberia specialists join a growing list of staff and executives who left the nascent megabank in recent weeks. Following the wave of departures at Credit Suisse, UBS employees are beginning to go as well, a finews.com analysis found.
Sale of the Spanish Onshore Business
The fact the foursome is now active for LGT suggests their termination date was in the spring or summer when the integration of Credit Suisse was less tangible than it is now.
In 2021, UBS announced the sale of its Spanish wealth management business to Madrid-based Singular Bank.
However, after its takeover of Credit Suisse, it wanted to keep its domestic business in Spain. UBS has ambitions for the Iberian market, but LGT has thrown a wrench into those plans.
