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UBS Group AG building in St. Gallen.UBS maintains strict banking secrecy practices which have been used to facilitate tax evasion. The Swiss investment bank and financial services company, UBS Group AG, has been at the center of numerous tax evasion and avoidance investigations undertaken by U.S., French, German, Israeli, and Belgian tax authorities as a consequence of their strict banking ...
UBS Group AG [nb 1] is a multinational investment bank and financial services company founded and based in Switzerland. UBS is headquartered simultaneously in both Zürich and Basel . [ 9 ] UBS maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world.
After the acquisition, O'Connor & Associates continued to operate as a subsidiary of Swiss Bank Corporation. In 1998, Swiss Bank Corporation merged with Union Bank of Switzerland to form UBS. [3] As part of the merger, O'Connor & Associates was integrated into UBS's investment banking division. The firm continued to operate as UBS O'Connor. [4]
The bank's net earnings for the year ending June 2011 were $6.4 billion [13] with a gross profit of approximately $1.1 billion reported by UBS for the third quarter of 2011. [14] [15] On 15 September, the day of Adoboli's arrest, the price of the stock of UBS closed down 10.8%, while the price of other European bank stocks rose between 3–6%. [16]
UBS also entered the life insurance business in 1993 establishing UBS Life. UBS formed a joint venture with Swiss Life in 1995, known as UBS Swiss Life. UBS took a 25% ownership position in Swiss Life in exchange for a 50% share in the joint venture. [5] UBS entered the 1990s clearly the largest and most conservative of the three large Swiss Banks.
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UBS only wanted Credit Suisse if the price was low, and if Swiss authorities indemnified UBS from any Credit Suisse regulatory violations. [ 15 ] [ 16 ] On the morning of 19 March, UBS made an offer of 0.25 Swiss francs ($0.27) per share, valuing Credit Suisse at around $1 billion, but the price outraged the Mideast investors.
William G. Parrett (born June 4, 1945) is an American businessman and senior manager who has served public, private, governmental, and state-owned clients worldwide. In October 2008, Parrett was elected to the board of directors of UBS AG [1] and, in November 2014, to the Board of Directors of UBS Group AG.