UBS : announces agreement to sell its minority stake in Clearstream Fund Centre to Deutsche Börse
05/06/2021 | 02:43pm EDT
Zurich/Basel, 6 May 2021 - UBS Group and UBS AG today announce that UBS has agreed to sell its remaining minority stake (48.8%) in Clearstream Fund Centre (CFC) to Deutsche Börse AG for approximately CHF 390 million. Long-term commercial cooperation arrangements remain in place for the provision of services by Clearstream to UBS, including the collaboration in jointly servicing banks and insurance companies. The transaction follows the successful transition of UBS Fondcenter to Deutsche Börse in September 2020.
Suni Harford, President of UBS Asset Management, said: "With the transition now complete, and the business on a strong growth trajectory, our clients are in good hands and Clearstream Fund Centre is well placed for the future. We look forward to leveraging the platform's leading capabilities and wish the team every success on the next stage of their journey".
Stephan Leithner, Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman, said: "Clearstream Fund Centre has proved to be a highly complementary business for Clearstream's fund operations businesses. Our two-step integration approach with UBS has enabled a seamless transition for clients and laid the perfect basis for our continued, long-term partnership with UBS. We see significant opportunities to further grow the global footprint of this business, particularly in Europe but also in Asia Pacific. This transaction is fully in line with our strategy to grow our offering in areas that are benefitting from strong secular growth."
The transaction is subject to certain closing conditions and is expected to complete in June 2021. UBS expects to recognize a post-tax gain of approximately USD 35 million and CET1 capital increase of approximately USD 400 million in the second quarter of 2021.
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS is the largest truly global wealth manager, and a leading personal and corporate bank in Switzerland, with a large-scale and diversified global asset manager and a focused investment bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 31% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 20% in Asia Pacific. UBS Group AG employs over 68,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).