UBS AG Transfers its Retail & Corporate and Wealth Management Business Booked in Switzerland to UBS Switzerland AG
Over the past weekend (and effective 14 June 2015), UBS AG transferred its Retail & Corporate and Wealth Management business booked in Switzerland to UBS Switzerland AG. UBS Switzerland AG is now operating as a fully-owned banking subsidiary of UBS AG with its own banking license and is, with a balance sheet in excess of CHF 300bn, the largest bank primarily active in Switzerland. The transaction was executed by way of a transfer of assets and liabilities under the Swiss Merger Act and comprised assets and liabilities exceeding CHF 300bn. Bär & Karrer AG acted in this transaction as lead external advisor with respect to all relevant legal issues in close cooperation with the project team and the legal department of UBS AG.
The Bär & Karrer was headed by Rolf Watter and team leaders Urs Kägi and Katja Roth Pellanda (M&A, Corporate & Commercial Law as well as Implementation) and Peter Hsu (Banking and Regulatory). Taxes were covered by Robert Waldburger und Raoul Stocker. Other team members included Roland Truffer, Thomas Rohde, David Henry, Cosima von Rechteren, Vera Naegeli, Fabienne Gribi, Daniel Küpfer, and Sebastian Flückiger (all M&A, Corporate and Commercial Law), Daniel Flühmann, Georges Schmid und Florian Steiner (Banking and Regulatory), Daniel Hochstrasser, Nadja Jaisli und Simone Stebler (Litigation).