31 August, 2004

UBS to acquire Charles Schwab's Capital Markets Division

UBS announced today that it will acquire Charles Schwab SoundView Capital Markets, the Capital Markets Division of Charles Schwab Corp., for $265 million (USD) paid in cash. The transaction is expected to close in the fourth quarter of 2004, subject to regulatory approval. The acquisition will be integrated in the Equities business of UBS’s Investment Bank.

The business comprises equities trading and sales, including one of the leading third party execution businesses, along with Schwab's state-of-the-art NASDAQ trading system. The business currently handles over 200 million shares a day in trade volume and makes a market in over 11,000 stocks. With this transaction, UBS expects to become one of the top traders in NASDAQ securities. UBS is top 3 in the trading of NYSE-listed securities and is the largest secondary equities house worldwide.

As part of the sale, the parties have entered into a multi-year execution service agreement for the handling of Schwab’s equities and listed options orders. This transaction will add significant scale to UBS’s business flow from third party brokers and on-line brokers, making UBS one of the top providers of execution services for US retail brokers.

24 August, 2004

UBS to buy Brunswick’s 50% stake in Russian joint venture

UBS has agreed with Brunswick Capital, its joint venture partner in Brunswick UBS, an equity brokerage and trading, investment banking and custody joint venture in Russia, that UBS will buy the whole of Brunswick Capital’s 50% stake in the joint venture.

The Brunswick UBS joint venture has been very successful since its formation in 1997 and has developed into one of the premier investment houses in the Russian securities market, employing 120 people in Moscow. The acquisition of the whole of Brunswick UBS confirms the commitment of UBS to Russia, and is consistent with UBS’s strategic objective of establishing a leading presence in the country to serve Russian clients.

The purchase is conditional upon the receipt of all necessary regulatory and other consents and approvals and is expected to be completed in the last quarter of 2004.

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