UBS has agreed to lease space from rival Royal Bank of Scotland in Stamford, Connecticut, according to people familiar with the matter, inking a deal that will put the two European banks under the same roof.

Under the 10-year deal, UBS has agreed to lease 120,000 square feet of space from RBS in the New York suburb, and will begin moving into the building in phases starting in the first quarter of next year. The Swiss bank plans to vacate its current offices across the street.