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UBS sells Solothurner Bank to Bâloise Insurance.
Bâloise Insurance is acquiring Solothurner Bank SoBa from UBS. The transaction, due to be finalized this autumn, is still to receive approval from the Swiss supervisory authorities. It has been agreed by both parties that the price of the transaction should not be disclosed. The difference between the proceeds for UBS and the book value is not substantial.
By selling Solothurner Bank SoBa, UBS is complying with a condition set out by the Swiss Competition Commission as a result of the merger between Swiss Bank Corporation and Union Bank of Switzerland that it sells its subsidiary bank by spring 2003 at the latest.
Based in the town of Solothurn, Solothurner Bank operates 19 branches. With a strong presence in the canton of Solothurn and its bordering regions, the bank has a reputation for proximity to its markets and a high level of competitiveness, focusing on the business areas of mortgage lending, investment advisory services, asset management and SME financing. In 1999, it achieved a net profit of CHF 28.7 million and has a staff of around 400.
Zurich / Basel, 22 August 2000
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