UBS continues lead as world's largest private bank

|About: UBS Group AG (UBS)|By:, SA News Editor

UBS (NYSE:UBS) has taken a far lead ahead of Bank of America as the world's largest private bank and is close to securing $2T under its wealth management business.

UBS took over Bank of America's top spot last year after the latter sold its private bank outside the U.S. to Switzerland's Julius Baer.

Private banking is on the rise worldwide, with the industry managing $20.3T in total, up from $18.5T last year.