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    UBS sells Brazilian subsidiary

    Agence France-Presse
    21.04.2009 - 00:00 | Son Güncelleme:

    ZURICH - Swiss banking giant UBS yesterday said it is selling its Brazilian subsidiary UBS Pactual to BTG Investments for $2.5 billion in a bid to cut risks and shore up its capital.

    "The sale of the Brazilian business is consistent with UBS's policy to continue to reduce its risk profile, strengthen its balance sheet and sharpen its business focus," said the bank, adding that the sale would add 1.3 billion Swiss francs ($1.1 billion) to Tier 1 capital, reinforcing the Tier 1 ratio - a measurement of the bank's capital strength - by about 60 basis points.
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