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BULLETIN: UBS AG Ratings Unaffected By Acquisition Of Piper Jaffray's Private Client Network Apr 06
Standard & Poors, April 2006
LONDON (Standard & Poor's) April 11, 2006--Standard & Poor's Ratings Services said today that its ratings on UBS AG (AA+/Stable/A-1+) are not affected by the bank's announced agreement to acquire the private client branch network of the Piper Jaffray Companies (not rated). The transaction will strengthen UBS' presence in the U.S. Midwest and the North West, where it is currently relatively under-represented, and further leverage its wealth-management platform. The assets to be acquired include Piper Jaffray's 842 financial advisers, 90 branches, and $52 billion of invested assets, but exclude its back office and infrastructure. The deal has no material impact on UBS' solid capital position, partly because the $500 million cash purchase price is comfortably absorbed by the retained proceeds...
Companies mentioned in this report are:
- UBS AG
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Research type: News
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