UBS, which has this week proposed to create a new holding company, UBS Group AG, through a share-exchange offer, said today it has applied to de-list the old UBS AG shares from the Swiss and New York stock exchanges.

UBS, which has this week proposed to create a new holding company, UBS Group AG, through a share-exchange offer, said today it has applied to delist the old UBS AG shares from the Swiss and New York stock exchanges.

“The board of directors of UBS AG has resolved to apply to delist the UBS AG shares from the New York Stock Exchange. It has also resolved to apply to delist UBS AG shares from the SIX Swiss Exchange, with the delisting conditional upon the completion of either a SESTA squeeze-out procedure or, if applicable, a squeeze-out merger,” the Swiss banking and wealth management company said in a statement today.

The delisting is part of moves to create UBS Group AG as the group holding company and follows the share-for-share exchange offer and subsequent private exchanges with various shareholders and banks in Switzerland and elsewhere outside the US, through which UBS Group AG has acquired 96.68 per cent of UBS AG shares.

In a separate announcement, UBS said it will nominate investment and private banking luminary Jes Staley to be elected to its board of directors at the shareholder annual general meeting on 7 May next year. If elected, Staley is expected to join the bank’s risk committee.

Staley has been a managing partner at BlueMountain Capital Management since February 2013. Prior to this, he held various senior executive positions at JP Morgan Chase, including the role of chief executive at the investment bank, CEO for asset management and head of private banking. He began his banking career at Morgan Guaranty Trust Co. of New York in 1979.