Dec. 19 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, agreed to sell a unit that manages stock benefit plans for companies to Montagu Private Equity LLP as it focuses on providing services for wealthy clients.
The sale of the unit, called Corporate Employee Financial Services International, is expected to close in 2014, subject to regulatory approvals, the Zurich-based bank said in a statement today. Terms of the deal weren’t disclosed.
UBS said the sale represents a step in its efforts to reduce the complexity of its operations. The bank said last year that it will focus on wealth management as its core business to boost profitability and improve shareholder returns.
The business, which has been part of the wealth management division, has about 100 corporate clients in Europe and Asia and fewer than 100 employees, the vast majority of whom will transfer to the buyer, UBS said.
The unit helps companies implement stock benefit plans and provides support in informing employees about the awards as well as administering them, according to information on the bank’s website.
The sale does not affect the U.S.-based Equity Plan Advisory Services business, which will remain a part of wealth management Americas division, UBS said.
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