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The home equity unit and mortgage unit will be combined into one subsidiary.
Its equity business was way down, and losses mounted at UBS Capital, the private equity unit.
National City said yesterday that its wholesale home equity unit had stopped taking loan applications.
Mr. Bush also sits on the board of Lehman Brothers's private equity unit.
K.K.R. had also looked at buying the company through its private equity unit, but was outbid.
The bridegroom, 37, executes and monitors investments for the private equity unit of Credit Suisse First Boston in New York.
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The firm's private-equity unit, Morgan Stanley Venture Partners, has a 7.5percentt stake in the company, which will decline after the public offering.
Deutsche Bank said that it might sell about 3 billion euros ($3 billion) of investments in closely held companies to managers of its private-equity unit as it takes steps to reduce risks.
DLJ Merchant Banking, the private-equity unit of the Credit Suisse Group's Credit Suisse First Boston unit, bought Brand Services from Waste Management Inc. in 1996, the company said.
There were hopes the bank had come through the days of ill-conceived gambles, such as the €1.2 billion ($1.5 billion) hole found in its British private-equity unit in 2003.
FINANCIAL TIMES AXA Said to Put Private Equity Unit Up for Sale | AXA of France has put its $28 billion private equity arm up for sale, Sky News reports.
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