UBS CEO Ermotti buys $13.1 million worth of UBS stock

  • UBS Chief Executive Sergio Ermotti has bought 1 million shares in the Swiss bank worth almost $13.1 million.
  • The bank last week reported a surprise 32 percent rise in third-quarter net profit thanks to a strong showing at its investment bank.
Sergio Ermotti, chief executive officer of UBS Group
Stefan Wermuth | Bloomberg | Getty Images
Sergio Ermotti, chief executive officer of UBS Group

UBS Chief Executive Sergio Ermotti has bought 1 million shares in the Swiss bank worth 13.1 million Swiss francs ($13.07 million).

The bank confirmed that Ermotti was the buyer after the SIX Swiss Exchange posted on its website that a senior UBS executive had purchased the registered shares on Oct. 26, a day after its investor day. The stock has fallen by around a quarter this year.

"Our general policy is not to comment, but on an exceptional basis we confirm that it was our CEO," a spokesman said.

The news comes after Switzerland's biggest bank and the world's largest wealth manager last week reported a surprise 32 percent rise in third-quarter net profit thanks to a strong showing at its investment bank.