The business of the Caisse Centrale de Reescompte (CCR) and UBS in France will be combined to create a strong domestic platform. The purchase price paid at the closing of the transaction E387 million consists of E247 million for a 100% interest in the CCR Group, as well as E140 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 business, 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.
