UBS launches share-for-share exchange for new holding company
Reuters
Published Sep 29, 2014 01:08AM ET
UBS launches share-for-share exchange for new holding company
ZURICH (Reuters) - UBS said on Monday it was launching a share-for-share exchange to set up a new holding company, UBS Group AG, part of a restructuring drive to ensure it can be broken up more easily in a crisis.
The Swiss bank said in a statement it expected to propose a supplementary capital return of at least 0.25 francs a share once it had completed the transaction. The payout will likely be in 2015, based on the current timetable.
Switzerland's largest lender said back in May it planned to break with its existing structure in which a parent company holds a host of interconnected branches, in order to satisfy regulators' demands for separate legal entities in different regions.
(Reporting by Joshua Franklin)
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