UBS has denied it wishes to sell off its wealth management arm in Australia, following a report in the country’s Business Spectator publication.

When WealthBriefingAsia contacted the Swiss bank about the report, a spokesperson in London referred the publication to a report in The Australian Financial Review, in which UBS was quoted as emphatically denying any selloff plans.

According to the Business Spectator, a possible selloff emerged following a UBS management meeting in Sydney last week. One option, the report said, would see UBS offload its entire wealth management arm. The second proposal would see the bank keep the top 20 per cent of advisors in the division and spin off the rest to Bell Potter, in which UBS holds a stake of about 16 per cent.