October 29, 2018 / 5:01 PM / 15 days ago

UBS CEO Ermotti buys $13.1 mln worth of UBS stock

ZURICH, Oct 29 (Reuters) - UBS Chief Executive Sergio Ermotti has bought 1 million shares in the Swiss bank worth 13.1 million Swiss francs ($13.07 million).

The bank confirmed that Ermotti was the buyer after the SIX Swiss Exchange posted on its website that a senior UBS executive had purchased the registered shares on Oct. 26, a day after its investor day. The stock has fallen by around a quarter this year.

"Our general policy is not to comment, but on an exceptional basis we confirm that it was our CEO," a spokesman said.

The news comes after Switzerland's biggest bank and the world's largest wealth manager last week reported a surprise 32 percent rise in third-quarter net profit thanks to a strong showing at its investment bank.

$1 = 1.0022 Swiss francs Reporting by Angelika Griber, Editing by Michael Shields

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