April

In the US, UBS agrees to sell Correspondent Services Corporation (CSC) to Fidelity Investments. CSC provides clearance, execution, settlement, administrative and management information services to brokerage clients.

May

PostFinance, the finance subsidiary of Switzerland’s post office, starts offering „Yellow Mortgages” under its own brand. Funding, as well as capital and risk management, are provided by UBS in line with its „Bank for Banks” approach.
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UBS announces the purchase of Lloyds Bank SA, a French subsidiary of Lloyds TSB. With offices in Paris, Lyons and Cannes and about EUR 1 billion in invested assets, the acquisition significantly strengthens UBS’s position in the French wealth management market.

June

To announce its move to a single brand, UBS launches a global advertising campaign on 9 June which underscores the advantages of „one team, one focus” for all stakeholders. In a firm-wide message, the Group Executive Board tells employees, „The introduction of the single brand will affect every business, every employee and every client, uniting us all under a set of shared values and ambitions that will enhance our already formidable global reputation.”
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The UBS SARS Research Foundation is launched in cooperation with the University of Hong Kong’s medical faculty. Administered by UBS, the charity’s objective is to provide funding for research on SARS and other infectious diseases.