UBS secures Schwab capital markets business
(2 September 2004 – Europe) UBS will acquire Charles Schwab’s capital markets business for a cash payment of US$256 million with the deal due to be inked in the fourth quarter of 2004.
The purchase of the division, which comprises equities trading and sales as well as Schwab’s NASDAQ trading system, is subject to regulatory approval.
UBS said the deal should propel the bank to become of the top traders in NASDAQ securities. The business currently handles more than 200 million shares a day in trade volume.
Chairman and CEO of UBS Investment Bank, John Costas, said the transaction was consistent with the bank’s organic growth plan in combination with targeted acquisitions to ensure the growth of its franchises.
"This will propel UBS to a leading position as a top trader of NASDAQ securities globally and further our goal of becoming a premier provider of services to private clients around the world," he said.
For his part, Charles Schwab said the sale of its capital markets division reflected the company’s focus on its core business of serving individual investors and independent financial advisers who work with them.
UBS said the deal should propel the bank to become of the top traders in NASDAQ securities. The business currently handles more than 200 million shares a day in trade volume.
Chairman and CEO of UBS Investment Bank, John Costas, said the transaction was consistent with the bank’s organic growth plan in combination with targeted acquisitions to ensure the growth of its franchises.
"This will propel UBS to a leading position as a top trader of NASDAQ securities globally and further our goal of becoming a premier provider of services to private clients around the world," he said.
For his part, Charles Schwab said the sale of its capital markets division reflected the company’s focus on its core business of serving individual investors and independent financial advisers who work with them.
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