Banks are finding that it is far better to stay out of the United States than to be in. Foreign banks are targeted to allow the government to pretend it is dealing with the banks while it is really still overlooking some favored banks in New York.
UBS in Switzerland is preparing to delist its stock. In a public announcement, the Swiss banks has stated it strategy to to create a holding company in a stock swap. UBS announced:
“With the completion of the transaction, UBS Group AG (currently a wholly owned subsidiary of UBS AG) for the holding company of UBS AG and its subsidiaries. The UBS Group AG shares are listed on the SIX Swiss Exchange (“SIX”) and on the New York Stock Exchange (“NYSE”), meanwhile, is intended to delist the shares of UBS AG pursuant to the applicable listing regulations. After the completion of the transaction and the subsequent squeeze-out, in which the remaining shareholders of UBS AG also shares the UBS AG Group in the ratio 1: 1 and get complete control of the UBS AG is to be attained, UBS expects the shareholders of UBS AG Group to propose a supplementary repatriation of at least CHF 0.25 per share.”
