UBS sells Brazilian subsidiary

April 20 2009 15:39:26

UBS sells Brazilian subsidiary

Agence France-Presse

"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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