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Financials

UBS sells majority stake in Fondcenter to Clearstream

ZURICH, Jan 21 (Reuters) - UBS Group AG has agreed to sell a 51.2% stake in UBS Fondcenter, part of its asset management business, to Clearstream, Deutsche Boerse Group’s post-trade services provider, the Swiss bank said on Tuesday.

“Upon closing, UBS expects to recognize a post-tax gain of approximately $600 million and a CET1 capital increase of approximately $400 million. UBS will deconsolidate Fondcenter and account for its minority interest as an investment in an associate,” it said in a statement. (Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)

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