UBS shareholders are in line for a Sfr650m (€415m) payout after the Swiss bank said it will let investors share in profits from the sale of its private banking and asset management businesses to Julius Baer last September.

Shareholders in UBS voted at the bank's annual general meeting in Basel yesterday in favour of a payout worth Sfr0.6 per share. The Swiss bank had 1.1 billion outstanding shares at the end of December, which equates to a Sfr653.2m payout.