The chairman of UBS has agreed to meet activist investor Knight Vinke to discuss demands to hive off its investment bank into a separate business.
The Telegraph reports that it is understood that representatives of the Swiss bank, one of the City of London’s largest employers, agreed to the high-level meeting with the New York-based investor during a brief phone conversation last Wednesday.
The date of the meeting is not thought to have yet been scheduled, but it is understood it will take place in the next few weeks.
The call came less than a week after Knight Vinke published an open letter to the UBS board suggesting the investment bank is best owned by its employees.
At the time of the letter’s publication, just ahead of UBS’s annual meeting, the board did not comment.
However, it is understood that Axel Weber, UBS’s chairman and the president of the German Bundesbank for seven years until 2011, will meet Eric Knight, the investor’s founder, and Glen Suarez, the firm’s deputy chief executive, who is understood to be masterminding the project to split the bank.
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