The Swiss bank will book a small gain in the second quarter after selling a minority stake in a fund business.
Zurich-based UBS will sell its remaining 48.8 percent stake in Clearstream Fund Centre to Deutsche Boerse for around 390 million Swiss francs ($425 million), the bank said in a statement on Thursday.
The transaction will close in June and UBS expects to book roughly 35 million francs in after-tax gains in the second quarter from the former UBS Fondcenter business.
Second Disposal Step
It has sold the majority to the German exchange in September 2020. The bank also expects the move to add 400 million francs to its hardest form of capital, Common Equity Tier 1 capital (CET1).
UBS said it had agreed long-term services with Clearstream, including the joint servicing of banks and insurance companies. The UBS Fondcenter was considered to be one of the leading third party fund platforms in Europe.
