(Adds sale does not affect US-based business)
ZURICH, Dec 19 (Reuters) - UBS said on Thursday it would sell its administrative services arm for employee equity plans to Montagu Private Equity as part of the Swiss bank’s drive to simplify its operations.
UBS expects the sale of its Corporate Employee Financial Services (CEFS) International business, which provides administrative services for employee equity plans to around 100 corporate clients, to close in 2014, pending regulatory approval.
UBS gave no further details of the deal, which does not affect the bank’s US-based Equity Plan Advisory Services business, EPAS.
“EPAS provides equity compensation services to U.S.-domiciled, multinational corporate clients and will continue to actively support and pursue current and prospective clients,” the bank said. (Reporting by Alice Baghdjian; Editing by Elaine Hardcastle)