Zurich-based UBS is creating a new segment in Europe, the Middle East, and Africa for clients with $500,000 or less in bankable assets, according to a memorandum seen by finews.com. The measure puts wider Europe on equal standing to UBS' home market, where such clients are served by the bank's retail business.

The affluent European clients will be offered a newer, streamlined digital offering. UBS, which confirmed the contents of the memo, will focus its private bankers on expanding its business with rich and so-called ultra-high net worth clients, or those with more than $50 million to bank.

The change affects clients in Europe, which is overseen by Christine Novakovic, whose money is booked in Switzerland. The clients typically hold a high portion of their assets in cash – an unattractive deal for UBS, which is subject to charges on franc deposits in Switzerland.