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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Deutsche Boerse Ag Namen Akt (PK) | USOTC:DBOEF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.91 | 2.45% | 205.11 | 196.62 | 207.76 | 205.11 | 205.11 | 205.11 | 8 | 21:00:48 |
By Carlo Martuscelli
UBS Group AG (UBS) said Tuesday that it well sell a majority stake in UBS Fondcenter to Clearstream, the post-trade services provider of Deutsche Boerse AG (DB1.XE).
The Swiss bank said that it expects to make an after-tax gain of $600 million--and recognize a CET1 capital increase of about $400 million--from the deal, which it expects to close in the second half of this year.
Fondcenter, a part of the bank's asset-management division, will be combined with Clearstream's Fund Desk unit. UBS will retain a 48.8% interest in the merged business, with the option to sell its remaining stake later.
The combined business will have $230 billion in assets under management. Under the terms of the deal, UBS and Clearstream will also enter into a long-term agreement to use the Swiss lender's global wealth management and asset management business divisions, and the corporate and institutional clients unit of personal and corporate banking.
Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu
(END) Dow Jones Newswires
January 21, 2020 01:25 ET (06:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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