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UBS to sell employee equity services business

The logo of Swiss bank UBS is seen at a branch office in Zurich October 29, 2013. REUTERS/Arnd Wiegmann
The logo of Swiss bank UBS is seen at a branch office in Zurich October 29, 2013. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - UBS said on Thursday it would sell its administrative services arm for employee equity plans to Montagu Private Equity as part of the Swiss bank's drive to simplify its operations.

UBS expects the sale of its Corporate Employee Financial Services (CEFS) International business, which provides administrative services for employee equity plans to around 100 corporate clients, to close in 2014, pending regulatory approval.

UBS gave no further details of the deal.

(Reporting by Alice Baghdjian. Editing by Jane Merriman)

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