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UBS to Buy Brunswick's 50% Stake in Russian Joint Venture

London / Moscow Media Releases EMEA

UBS announces that is has agreed to buy the whole of Brunswick Capital's 50 per cent stake in Russian joint venture.

London/Moscow, 23 August 2004 - UBS and Brunswick Capital, equal partners in Brunswick UBS, an equity brokerage and trading, investment banking and custody joint venture in Russia, have agreed that UBS will buy the whole of Brunswick Capital's 50 percent stake in the joint venture. Terms were not disclosed. The transaction is subject to regulatory approval and is expected to close in the fourth quarter.

Formed in 1997, Brunswick UBS had developed into one of the premier operators in the Russian securities market, employing 120 people in Moscow.

Commenting on the acquisition, John Costas, Chairman and Chief Executive of UBS Investment Banking said: "Taking full ownership of Brunswick UBS confirms the commitment of UBS to Russia and is consistent with UBS's strategic objective of establishing a leading presence in the country."

Jeff Costello, a Director of Brunswick Capital, commented: "Our partnership with UBS has been beneficial to both parties and we are confident that UBS will continue the traditions of commitment to our clients and market leadership that we have jointly developed. We wish UBS continued success and prosperity in Russia."

Dave Walker, + 44 20 7568 2439
Sarah Small, + 44 20 7568 2609