ZURICH: UBS is selling its domestic Austrian wealth management business to Liechenstein-based private bank LGT, the Swiss banking giant said on Wednesday.

Terms of the sale of the business, with just under 5 billion euros ($6.09 billion) in managed assets and some 50-60 employees, were not disclosed.

UBS, the world's biggest in wealth management, plans to redeploy the proceeds of the sale into growing markets in Europe or elsewhere in its wealth management business, European head Christl Novakovic said in a statement.