UBS arm to buy Santander’s unit in Italy

UBS’ Italian wealth management arm is to buy Santander Private Banking (SPB Italia), a unit of Spanish bank Santander in Italy which manages €2.7 billion in assets, the Swiss banking group said in a statement on Tuesday. The value of the deal was not disclosed, but it is expected to close in the first quarter of 2016. SPB Italia's business will be integrated into UBS Italia.