UBS sells 3.4 bn share stake in Bank of China
By Agencies |
ZURICH: UBS AG said on Wednesday that it has sold its stake in Bank of China in a deal estimated to be worth around $900 million.
The Swiss bank bought 3.4 billion "limited H-shares" in Bank of China for $500 million in 2005- equivalent to a stake of about 1.6 per cent.
The Zurich-based bank declined to say how much it gained from the sale, but based on Bank of China's stock price on the Hong Kong exchange the deal would be worth about $900 million.
UBS said it will continue its business relationship with Bank of China despite the sale.
Shares in UBS stood at 14.84 francs ($14.03) on Wednesday as trading on the Zurich exchange was suspended for the end-of-year holiday.
The Swiss bank bought 3.4 billion "limited H-shares" in Bank of China for $500 million in 2005- equivalent to a stake of about 1.6 per cent.
The Zurich-based bank declined to say how much it gained from the sale, but based on Bank of China's stock price on the Hong Kong exchange the deal would be worth about $900 million.
UBS said it will continue its business relationship with Bank of China despite the sale.
Shares in UBS stood at 14.84 francs ($14.03) on Wednesday as trading on the Zurich exchange was suspended for the end-of-year holiday.
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