BUSINESS: Swiss UBS to Acquire Full Ownership of Brokerage JV

Swiss investment bank UBS plans to buy out Brunswick Capital’s 50 percent stake in equity brokerage and investment banking joint venture Brunswick UBS, thus bringing its stake in the company to 100 percent. The information came in the form of a press statement released by UBS late on Monday, August 23.

The terms of the deal between the two partners were not disclosed. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2004.

Chairman and CEO of UBS John Costas said in the press release: “Taking full ownership of Brunswick UBS confirms the commitment of UBS to Russia and is consistent with UBS’ strategic objective of establishing a leading presence in the country.

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