1/19/2024 0 Comments Ubs to buy paine webber![]() He is currently a Senior Vice President of Wealth Management Americas, with designations as Senior Portfolio Manager and Wealth Advisor, also serving as Branch Manager of the Wichita Office. He holds a Series 65, Series 63, Series 7, and Series 9/10 securities licenses. wealth management business, according to sources with direct knowledge of the matter. In 1993 he joined Paine Webber, now UBS Financial Services Inc. Operating profit from the group's investment banking division increased by 115% to SFr1. Beleaguered Swiss bank UBS is considering the sale of Paine Webber, the heart of its U.S. Net income from fixed income, equities and foreign exchange trading activities was up 88%, 35% and 29% respectively over the fourth quarter in 2003. UBS said profit soared 36 percent on Thursday, as the Swiss banks 11.8 billion acquisition of U.S. Significantly, the bulk of the group's income growth came from its investment banking activities. Long dismissed by its competitors as a private bank pretending to be an investment bank, in May, UBS went some way towards dispelling this notion when it announced record results for the first quarter to March 31 2004. ![]() Behind the mild manners and urbane exterior lies a conviction and determination that has steered UBS through difficult markets, tricky acquisitions and vicious competition to begrudging acceptance from its mainly US peer group. Softly spoken and self-effacing, he might seem more at home pampering wealthy private clients in his native Switzerland than getting involved upfront in one of the world's most cut-throat businesses.Īppearances can be deceptive. UBS chief executive Marcel Ospel said UBS’ international reach and product range will mix well with PaineWebber’s leading positionin the United States for affluent customers.UBS's GROUP CHIEF executive officer, Peter Wuffli, cuts a somewhat unlikely figure for a global head of one of the world's leading investment banks. Switzerland's UBS AG, the third-largest bank in Europe, made its move to cash in on the well-heeled American investor Wednesday, agreeing to purchase U.S. investors are seen likely to favor ashare-for-share exchange, which is not taxable as a cash offerwould be. Under the transaction, PaineWebber shareholders can accepteither 0.4954 UBS shares per PaineWebber share or $73.50 incash, but UBS said it would ultimately pay half in cash, half inshares for the U.S. in 1998, manages more than $1 trillion in clientassets and employs 49,000 people around the world. UBS, created from the merger of Union Bank of Switzerland andSwiss Bank Corp. Together,they control about 30 percent of PaineWebber’s shares. andYasuda Mutual Life, have agreed to vote for the deal. PaineWebber’s two largest shareholders, General Electric Co. Marron, chairman and chief executive of PaineWebber,had long resisted selling the company, but said in a statement today: “This is the right merger, with the right partner, atthe right time.” The companies hope to complete the deal in November, pendingshareholder and regulatory approval.ĭonald B. The proposed deal extends the recent global consolidation that isreshaping the banking, insurance and securities industries. Our knowledgeable perspective, good judgement and broad experience can help you meet your challenges and seize opportunities. in a cash and stock deal valuing the U.S.broker at $10.8 billion. was an American investment bank and stock brokerage firm that was acquired by the Swiss bank UBS in 2000. As a team of dedicated Financial Advisors, were committed to helping you organize your finances around your short term needs, your longer-term goals and what you envision for generations to come. Z U R I C H, July 12 - Ina move that would give Switzerland’s biggest bank access tomillions of wealthy American investors, UBS AG said it will buyPaineWebber Group Inc.
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