UBS is to acquire 100 per cent of the Caisse Centrale de Réescompte Group from Commerzbank for around €435 million. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals. Caisse Centrale de Réescompte Group is an asset and wealth manager in France with €17 billion of invested assets as of June 2007 and with approximately 190 employees. The CCR Group includes four principal entities: CCR, a provider of banking services to its subsidiaries; CCR Actions, an asset manager specialising 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 consisting of the following two components: €275 million for a 100 per cent interest in the CCR Group, as well as approximately €160 million 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 business of the CCR Group will be integrated into the asset management and wealth management businesses of UBS in France. Gabriel Herrera, head of Europe, Middle East & Africa, Global Asset Management, said: "This transaction provides us with a strong domestic platform which will enable us to achieve our high growth ambitions in France."