MADRID, June 1 (Reuters) – UBS UBSG.S will keep Credit Suisse’s CSGN.S private banking business in Spain at a time when many of its private bankers and clients are leaving, the Swiss banking giant said on Thursday.

Following its state-backed acquisition of Credit Suisse in March, UBS is now regaining a presence in Spain’s private banking business despite a non-competing clause it had signed with Spain-based Singular Bank.

“UBS plans to retain the domestic wealth management business of Credit Suisse in Spain. This is a strong, well-established and profitable franchise with trusted client relationships and dedicated staff,” a UBS spokesperson said.

Spain is the first market in wealth management where UBS has publicly committed to keeping the Credit Suisse business as it seeks to restore confidence and calm among Credit Suisse private bankers and also clients.

Hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday.

In 2021, UBS Group announced the sale of its Spanish wealth management business to Madrid-based Singular Bank for an undisclosed sum. UBS’ asset management and investment banking businesses in Spain were not part of the transaction.

($1 = 0.9084 euros)

(Reporting by Jesús Aguado; Editing by David Gregorio)

((jesus.aguado@thomsonreuters.com; +34 91 835 68 32; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.