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UBS Slips After Shareholder Sells $621 Million Stake

(Bloomberg) — An unidentified institutional UBS Group AG shareholder sold its entire stake in the Swiss lender worth around 503 million Swiss francs ($621 million), taking advantage of recent gains in the bank’s shares.

The investor offered around 16 million shares through an overnight placing, which priced at 31.46 Swiss francs per share, according to terms seen by Bloomberg. The price was a 1.4% discount to the bank’s closing price of 31.91 Swiss francs on Monday.

The sale comes as shares in Switzerland’s largest lender remain up about 15% this year. The stock slipped in Zurich trading on Tuesday morning, falling as much as 1.4% to touch the offer price before paring the decline.

There was enough demand to cover the deal shortly after it was launched, the terms showed. Goldman Sachs Group Inc. arranged the offering.

(Updates with pricing, stock reaction and additional context starting in second paragraph.)

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