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In the face of a surge in UBS shares, one of the big bank’s senior executives cashed in: a member of the board or management team sold 182,372 UBS shares on Thursday, pocketing 4.76 million francs.
This is the largest share sale by a senior UBS executive since May 23, 2022. A board member sold 4.87 million shares during that period, according to information received Friday from the regulator of the Swiss stock exchange SER.
The current sale took place on Thursday at a share price of 26.12 francs. If the senior manager had waited one more day, even more money would have come out. Because on Friday, the UBS share price increased by more than 4 percent to 27.24 francs. This is the highest price since May 2008, when the financial crisis hit. The stock benefited from an upgrade from US bank Morgan Stanley.
So few people own so many shares
There aren’t many executives from astroturf who own this many shares. Only Chairman Colm Kelleher and his deputy on the board, Lukas Gähwiler, have sufficient shares for a transaction of this size. From the management team, only Edmund Koh, Sabine Keller-Busse and Robert Karofsky were eligible to participate.
However, we should also note that information regarding partnerships comes from the annual activity report as of the end of 2022. There may have been significant changes to UBS executives’ share deals since then. For example, the annual report showed that most GL members held large amounts of shares (up to 1 million shares) that had not yet been transferred at the time. Topetage’s new 2023 annual report, which includes updated information on its shares, is scheduled to be published on March 28. (SDA/month)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
