UBS completes acquisition of Caisse Centrale de Réescompte Group
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.