Friday, 22 May 2015
Last updated 4 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.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…