Swiss government to sell UBS shares to institutional investors

Peter Siegenthaler, director of Switzerland's finance administration, said the government gave a mandate to three banks to sell more than 330 million shares in UBS, the largest bank in the country. The banks were told to secure a certain minimum price, but that price was not divulged. The government is selling its stake in UBS after an agreement with US authorities regarding information on the bank's American clients who are involved in a tax-evasion investigation.

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