Asked why the bank was willing to allocate more resources to commodities lending, Albert Steiger, director of commodity trade finance at UBS, told Reuters: 'It's less capital intensive and the loans are short term. We have a management commitment to increase our activity'.
In the meantime, the news agency also reports that Bundesbank officials met with former Deutsche Bank employees in the United States earlier this month as they investigated allegations the lender failed to correctly value a derivatives portfolio, sources familiar with the probe said on Thursday.
The Bundesbank was reacting to accusations made by a Deutsche Bank former employee alleging that the lender had incorrectly valued credit derivatives from 2007 through 2010, allowing it to hide billions of euros in losses.
Deutsche Bank said the allegations are unfounded and declined to comment on the investigation.
UBS boosts Swiss presence in commodity trade finance