Switzerland's largest financial services group, UBS, has announced it is selling its Hyposwiss private bank in Zurich to the cantonal bank of St. Gallen.This content was published on February 8, 2002 - 11:12
UBS said in a statement on Friday that the move was aimed at streamlining its private banking activities in Zurich.
It added that the sale, for an undisclosed price, would bring UBS a pre-tax profit of about SFr165 ($97.63 million). This profit will be reported in the income statement for the first quarter of 2002.
The transaction, which requires regulatory approval, is expected to be completed in the first quarter and be valid retroactively from January 1.
UBS said it would continue to manage its remaining private banks - Cantrade (Zurich), Banco di Lugano (Lugano), Ferrier Lullin (Geneva), Bank Ehinger (Basel) and Armand von Ernst (Bern) - as separate independent units.
Hyposwiss specialises in investment advice and asset management. In the 2001 financial year, it recorded an operating profit of SFr38.4 million. Invested assets totalled SFr6.4 billion at the end of last year.
Hyposwiss, which has a branch office in Jersey, employs a staff of 133.
swissinfo with agencies
In compliance with the JTI standards