There were no significant financial events in second or third quarter 2002 or in first and third quarter 2003, but there was one significant financial event in second quarter 2003 and one in first quarter 2002.
We realized a net gain of CHF 2 million (pretax CHF 161 million) in second quarter 2003 from the sale of Wealth Management USA’s Correspondent Services Corporation (CSC) business. A substantial portion of CSC’s net assets comprised goodwill stemming from the PaineWebber acquisition. After deducting taxes of CHF 159 million (based on the purchase price) and the writedown of the goodwill associated with CSC, the net gain from the transaction was CHF 2 million.
In first quarter 2002, we realized a net gain of CHF 125 million (pre-tax CHF 155 million) from the sale of private bank Hyposwiss.
Details of significant financial events are shown in the table on page 8.
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