UBS announced today that it has agreed to acquire 100% of French asset manager, the Caisse Centrale de Réescompte Group, from Commerzbank for approximately 435 million euros.

CCR Group is an asset and wealth manager in France with 17 billion euros of invested assets as of June, and approximately 190 employees. It includes four principal entities: CCR, a provider of banking services to its subsidiaries; CCR Actions, an asset manager specializing in equity funds; CCR Gestion, an asset manager specializing in fixed income and alternative products; and, CCR Chevrillon-Philippe, a provider of asset management services to private clients.

UBS has agreed to pay approximately 435 million euros comprised of: 275 million euros for a 100% interest in the CCR Group, as well as approximately 160 million euros for the expected excess capital of the CCR Group at closing. The purchase price is subject to certain adjustments and performance criteria as part of the closing process. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals.

The business of the CCR Group will be integrated into the asset management and wealth management businesses of UBS in France.

John Fraser, a member of the UBS Group executive board and chairman and CEO of Global Asset Management, commented, “The combined entity further strengthens the presence of UBS in France and underlines its strong commitment to the European market.”