Investor releases


UBS completes acquisition of Caisse Centrale de Réescompte Group

Zurich/Basel | | Investor Releases

UBS announced today that it has received regulatory approval to complete the acquisition of the Caisse Centrale de Réescompte Group from Commerzbank AG in France.

UBS has completed the acquisition of Caisse Centrale de Réescompte (CCR) Group which was agreed in October 2007. The business of the CCR Group and UBS in France will be combined to create a strong domestic platform.

The purchase price paid at the closing of the transaction was EUR 387 million consisting of the following two components: EUR 247 million for a 100% interest in the CCR Group, as well as EUR 140 million for the excess capital of the CCR Group, reflecting provisional adjustments made during the closing process. Under the terms of the transaction, the final price for the acquisition will be determined post closing, following determination of the actual adjustments.

John Fraser, member of the UBS Group Executive Board and Chairman and CEO of Global Asset Management commented "In recent years, UBS Global Asset Management has greatly increased its investment range and we have expanded our operations into Brazil, China and Korea. This acquisition marks a further major growth of our global business in Europe."

Gabriel Herrera, Head of Europe, Middle East and Africa, Global Asset Management commented "This transaction gives UBS an exciting opportunity to strengthen our domestic presence in the strategically important French market, enabling us to achieve our high growth ambitions. It will enable us to offer a full range of local and global products and services to our clients while providing our employees with an attractive platform for continuing professional development".

Caisse Centrale de Réescompte (CCR) Group is an asset and wealth manager in France with EUR 13.3 billion of invested assets as of 31 December 2007 and with approximately 190 employees.

"Over the past several years Christine has discharged her responsibilities with tremendous energy and professionalism, overseeing the rapid expansion of our Singapore footprint and building the UBS franchise in what is one of UBS's largest hubs in Asia Pacific. Gerald brings significant leadership experience and local knowledge to his new role," said Rory TAPNER, Chairman and CEO of UBS AG in Asia Pacific, and a member of the UBS Group Executive Board.

"Over the past several years Christine has discharged her responsibilities with tremendous energy and professionalism, overseeing the rapid expansion of our Singapore footprint and building the UBS franchise in what is one of UBS's largest hubs in Asia Pacific. Gerald brings significant leadership experience and local knowledge to his new role," said Rory TAPNER, Chairman and CEO of UBS AG in Asia Pacific, and a member of the UBS Group Executive Board.

As Country Head, Chan will lead the coordination of all UBS's activities in Singapore, represent the country on UBS's Asia Pacific Management Committee, and chair the local management committees. His new responsibilities will encompass country strategy development, regulatory interface, issue management, promotion of the UBS culture, and community affairs.

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