UBS sells base metals and energy business to Barcap

UBS expects to complete the full risk transfer by end of the second quarter of 2009.Terms and conditions of the deal were not disclosed.

Today's announcement follows JP Morgan's purchase of UBS' Canadian energy business and global agricultural businesses, announced in December last year.

UBS stated in October 2008 that it "would reprioritise its business portfolio to preserve its core strengths and client franchises", and that it would exit all of its commodities businesses with the exception of p