Zurich, Switzerland, May 13, 1996 - ABB, the international electrical engineering company, has agreed to sell its worldwide stockbrokerage activities to Unibank A/S of Denmark. The sale, involving ABB Aros units in Sweden, Norway, Finland and the U.S., is intended to provide these companies with greater economies of scale to support the expansion they began last year in response to ongoing restructuring in the Nordic stockbrokerage sector. Unibank`s strong position in the Danish market also complements Aros` well-established Nordic operations.
Under the terms of the agreement with Unibank, ABB will sell ABB Aros Securities Oy of Finland, and ABB Aros Securities Holding AB of Sweden, which is the holding company for ABB Aros Securities AB, Sweden, ABB Aros Securities A/S, Norway, and ABB Aros Securities Inc., of the U.S. These companies have a total of 104 employees.
The sale is subject to approval by regulatory authorities in the countries involved.
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