Julius Baer Shares Fall After UBS Says It Will sell a Stake
Shares of Julius Baer Holding fell Friday after UBS said late Thursday that it would sell its 20.7% stake in the Swiss private bank.
UBS said 15.23% of the shares would go to institutional investors, while 5.47% would be bought back by Julius Baer itself for about 1.1 billion Swiss francs ($890 million; 660 million euros).
Switzerland's largest bank said in May it expected proceeds from the sale would be more than 4.1 billion Swiss francs ($3.34 billion; 2.48 billion euros), with an expected capital gain of 2.1 billion francs ($1.71 billion; 1.27 billion euros) before taxes from the stake it acquired in 2005 through a cash and stock deal.
Shares in Julius Baer, Switzerland's largest publicly traded private bank, fell 4.1% to 85.35 francs ($67.80; 50.60 euros).