Basil III
UBS plans to relocate investment bank operationsPosted by RJ and Makay on May 28, 2011 |
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In an effort to placate local regulators, Swiss financial giant UBS AG plans to separate its investment bank and incorporate it outside of Switzerland. The move could alleviate Swiss regulator concerns of another possible bailout should the bank face another severe crisis, the Wall Street Journal reported, citing insiders familiar with the matter.
Bank of America sells its remaining Blackrock shares to BlackrockPosted by RJ and Makay on May 23, 2011 |
Bank of America is selling its remaining 7% stake of Blackrock to Blackrock for $2.5 billion. Blackrock is buying the stake, 13.6 million shares, at 187.65 a share, a 3.6% discount on the average closing price of the shares over the past 15 trading days.
The deal should make it easier for Blackrock to double its mutual fund business over the next three years, analysts say. The firm is financing the purchase through available cash and $2 billion of medium and long-term commercial paper debt.
“I can't change the direction of the wind, but I can adjust my sails to always reach my destination.”
Jimmy Dean
