Bloomberg News reports that UBS Switzerland will house the bank’s retail, corporate and wealth management businesses booked in the country, UBS said in a statement Tuesday. The transfer date may be deferred, UBS said.
The establishment of the Swiss unit is part of wider changes in the bank’s legal structure designed to prevent UBS from needing another bailout. The Swiss government shored up the bank in 2008 after it was battered by losses on securities linked to U.S. subprime mortgages. Since then, regulators have sought to contain damage from the collapse of large, cross-border banks by curtailing legal ties between units.
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