New Structure for UBS in Switzerland

Paul A Adams

7 November 2007

UBS has merged its Wealth Management Switzerland and its Business Banking business areas into a new division - Wealth Management and Business Banking Switzerland. According to the bank, the merger of Business Banking with the Wealth Management Switzerland business will enable more intensive cooperation between the two business areas. The merger, will give UBS a simplified leadership structure and accelerate its decision making process, according to a statement. Alain Robert, current head of Wealth Management Switzerland, will assume leadership of the new business area with immediate effect. Raoul Weil, chairman and chief executive of Global Wealth Management & Business Banking, said: "Business Banking and Wealth Management Switzerland have, for many quarters, generated excellent performances. The newly created business area will enable us to more rapidly provide solutions in the future, in order to best meet the needs of our Swiss clients.” UBS stressed that the merger of the business areas, which should be completed by the end of the year, will have no effect on client relationships. Mr Robert has been with UBS since 1979. Until 2002, he had various management functions within the Private and Corporate Clients business. Mr Robert has been head of Wealth Management Switzerland since 2002. Hans-Ulrich Meister, current head of Business Banking, has decided to leave the bank.