UBS AG and Credit Suisse Group AG, Switzerland's largest banking companies, announced deals to sell almost $1.3 billion of assets on the final day of 2008, the worst year on record for the European equity markets.
UBS said it sold about 3.4 billion shares of Bank of China Ltd., worth about $900 million, to institutional investors.
Credit Suisse said it agreed to sell a stake in its global investors business to Aberdeen Asset Management PLC for $361 million in stock. Both banking companies are scaling back. UBS, which got a $59.2 billion aid package from the Swiss government and central bank, has slashed 9,000 jobs and posted almost $49 billion of losses and writedowns. Last month Credit Suisse announced plans to cut 11% of its work force and scrap bonuses for top executives after posting $2.5 billion of losses in the previous two months.