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Business

UBS sells its Brazilian subsidiary for $2.5 billion

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Latest update : 2009-04-20

Swiss banking UBS has announced it is selling its Brazilian subsidiary UBS Pactual to BTG Investments for $2.5 billion. The bank said the sale would add $1.1 billion, 855 million euros, to Tier 1 capital, reinforcing its Tier 1 ratio.

AFP  - Embattled Swiss banking giant UBS Monday said it is selling its Brazilian subsidiary UBS Pactual to BTG Investments for 2.5 billion dollars (1.9 billion euros) in a bid to cut risks and shore up its capital.

"The sale of the Brazilian business is consistent with UBS’s policy to continue to reduce its risk profile, strengthen its balance sheet and sharpen its business focus," said the bank in a statement.

The bank said the sale would add 1.3 billion Swiss francs (1.1 billion dollars, 855 million euros) to Tier 1 capital, reinforcing the Tier 1 ratio -- a measurement of the bank's capital strength -- by about 60 basis points.

It would also cut its risky assets by 3.0 billion francs, added UBS.

Switzerland's biggest bank has been struggling to recover after losing billions in the financial crisis.

It announced last week that it would slash 8,700 jobs to cut costs, and that it would report fresh losses of around two billion francs for the first three months of this year.

The bank is scheduled to post its first quarter earnings on May 5.

Date created : 2009-04-20

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