Friday, 24 March 2017
Last updated 17 hours ago
Oct 24 2007 | 1:49pm ET
UBS said today that it has agreed to acquire Caisse Centrale de Réescompte Group from Commerzbank for approximately €435 million (US$618 million). The transaction is expected to close in the first quarter of 2008.
Caisse Centrale de Réescompte Group is an asset and wealth manager in France with €17 billion of invested assets as of the end of June. The CCR Group includes four principal entities: CCR, a provider of banking services to its subsidiaries; CCR Actions, an asset manager specializing in equity funds; CCR Gestion, an asset manager specializing in fixed income and alternative products and CCR Chevrillon-Philippe, a provider of asset management services to private clients.
CCR’s €435 million price tag includes €275 million for a 100% interest in the group and approximately €160 million for the expected excess capital of the group at closing. The CCR Group will be integrated into the asset management and wealth management businesses of UBS in France.
John Fraser, chairman and CEO of Global Asset Management at UBS, said: “The combined entity further strengthens the presence of UBS in France and underlines its strong commitment to the European market.”