UBS Slips After Shareholder Sells $621 Million Stake

An unidentified institutional UBS Group AG shareholder sold its entire stake in the Swiss lender worth around 503 million Swiss francs ($621 million), taking advantage of recent gains in the bank’s shares.

The investor offered around 16 million shares through an overnight placing, which priced at 31.46 Swiss francs per share, according to terms seen by Bloomberg. The price was a 1.4% discount to the bank’s closing price of 31.91 Swiss francs on Monday.