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GENEVA (AP) — Switzerland's largest bank UBS AG is moving to delist its shares from trading on exchanges in New York and Zurich as part of a reorganization to offer a safeguard against catastrophic losses.
The Zurich-based bank says its directors have resolved to apply to delist UBS AG shares from the New York Stock Exchange and the SIX Swiss Exchange.
The decision announced Wednesday is part of a move to establish UBS Group AG as a new holding company that could ease any breakup in case the bank failed and help minimize disruptions to financial circles. It also could reduce some of the capital cushion that the bank is required to hold.
Investors have been offered share-for-share exchanges in the new holding company for trading on the New York and Zurich exchanges.
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