UBS has received regulatory approval to complete the acquisition of the Caisse Centrale de Rescompte Group from Commerzbank AG in France.
UBS has completed the acquisition of Caisse Centrale de Rescompte (CCR) Group which was agreed in October 2007. The business of the CCR Group and UBS in France will be combined to create a strong domestic platform.
The purchase price paid at the closing of the transaction was 387 million consisting of the following two components: 247 million for a 100% interest in the CCR Group, as well as 140 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.
“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,” says John Fraser, member of the UBS Group executive board and chairman and CEO of Global Asset Management.
“This transaction gives UBS an exciting opportunity to strengthen our domestic presence in the strategically important French market, enabling us to achieve our high growth ambitions. It will enable us to offer a full range of local and global products and services to our clients while providing our employees with an attractive platform for continuing professional development,” adds Gabriel Herrera, head of Europe, Middle East and Africa, Global Asset Management.
Caisse Centrale de Rescompte (CCR) Group is an asset and wealth manager in France with 13.3 billion of invested assets as of 31 December 2007 and with approximately 190 employees.