UBS to trade on New York stock exchange
Switzerland's biggest bank, UBS, has announced its shares will begin trading on the New York stock exchange next Tuesday. It will be the first non-US financial services group to list its shares directly on Wall Street.
The bank said on Wednesday that it hoped the move would allow it to expand in the United States.
“The listing will give UBS easier access to US investors and provides it with the strategic flexibility to benefit from potential expansion opportunities in the United States,” UBS said in a statement.
The shares will start trading in New York on May 16. UBS will then have a global share traded in Zurich, New York and Tokyo.
“We are delighted to be able to list in New York so soon after announcing our intention,” said the bank’s chief executive officer, Marcel Ospel. “A globally traded share is symbolic of UBS as a global firm.”
On Thursday, the Swiss pharmaceutical giant, Novartis, will start trading its shares on Wall Street.
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