Global Asset Management

UBS to acquire Caisse Centrale de Réescompte Group

In October we entered into an agreement with Commerzbank to acquire 100% of the Caisse Centrale de Réescompte (CCR) Group. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals.

CCR Group is an asset and wealth manager in France with EUR 17 billion of invested assets as of June 2007 and with approximately 190 employees. It includes four principal entities: CCR, a provider of banking services to its subsidiaries; CCR Actions, an asset manager specializing in equity funds; CCR Gestion, an asset manager specializing in fixed income and alternative products; and CCR Chevrillon Philippe, a provider of asset management services to private clients. The business of the CCR Group will be integrated into the asset management and wealth management businesses of UBS in France.

UBS has agreed to pay approximately EUR 435 million consisting of two components: EUR 275 million for a 100% interest in the CCR Group, and approximately EUR 160 million for the expected excess capital of the CCR Group at closing. The purchase price is subject to certain adjustments and performance criteria as part of the closing process.