May 25, 2007, 7:23 am
UBS, the world’s biggest money manager, plans to sell its 4.1 billion-Swiss franc ($3.3 billion) stake in bank Julius Baer Holding and use the proceeds to buy back shares.
UBS obtained the 20.7 percent holding in Switzerland’s biggest publicly-traded private bank when it sold three private banks and an asset management unit to Julius Baer in December 2005. An agreement preventing it from disposing of the stake expires at the end of the day, Zurich-based UBS said in a statement today.
The sale will generate a pretax gain of about 2.1 billion francs, which will be used to repurchase stock as part of a program announced in March, UBS said.
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