UBS Warburg has executed a super-speedy block trade for Axa, the French insurer, which wanted to offload the majority of its shareholding in Credit Suisse Group.

Axa, one of the world's largest insurers and a close rival to German firm Allianz, inherited its stake in Credit Suisse last year following the acquisition of Donaldson Lufkin & Jenrette by Credit Suisse First Boston. However, sources said Axa saw its Credit Suisse holding as non-strategic and wanted to sell 2.7 million shares - the majority of its stake.