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The year in review
January
UBS wins Euromoney's inaugral "Best Global Private Bank", award, ranking first in Western Europe and numerous other parts of the world.
February
UBS agrees to acquire Laing & Cruickshank, a leading UK provider of wealth management services, from Crédit Lyonnais. The acquisition accelerates UBS’s organic growth program, pushing the domestic UK business into the top five in the country.
March
Clive Standish is appointed Chief Financial Officer and Head of the Corporate Center. Rory Tapner is appointed Chairman and Chief Executive Officer for UBS in Asia Pacific.
April
To increase efficiency and realize synergies, UBS integrates its information technology infrastructure (ITI) functions across the firm.
UBS raises its stake in Motor-Columbus, a Swiss power generating company, to a majority holding. This move lays the foundation for a future sale by UBS of its participation in Motor-Columbus.
May
The Federal Reserve Board (Fed) and the Swiss Federal Banking
Commission (SFBC) sanction UBS in connection with violations
of an agreement governing its involvement in the “Extended
Custodial Inventory Program” for US dollar banknotes. The
Fed announces that it will levy a civil penalty of 100 million
US dollars.
UBS launches its Private Wealth Management Group for
the US market. This new initiative will develop products and
services for ultra high net worth individuals, defined as clients
with a net worth of more than 10 million US dollars.
July
UBS again wins several of Euromoney magazine’s Awards for Excellence, with the firm being named the “Best Global Investment Bank”, “Best Global Private Bank” and “Best Equity House”.
UBS extends its commitment to the UBS Verbier Festival Orchestra to 2007.
August
UBS is named the world’s 45th most valuable brand, worth 6.5 billion US dollars, in the Global Brand Scoreboard published in BusinessWeek.
The UBS Beijing Branch commences operations, allowing UBS to offer foreign currency deposits, foreign exchange and remittance services to clients in China.
September
The UBS Fund Services building in Grand Cayman sustains minor damage during Hurricane Ivan. Power to the building is cut off due to flooding, but essential business services are maintained by setting up temporary facilities at other UBS offices.
October
The acclaimed UBS-sponsored exhibition “Tutankhamun – The Golden Beyond” closes in Basel. More than 600,000 visitors see the exhibition and the UBS hospitality house attracts more than 10,000 clients.
November
UBS completes the acquisition of Schwab Capital Markets
(SCM). The integration of SCM and its NASDAQ trading
system makes UBS one of the top traders in NASDAQ securities
in the US. This complements UBS’s existing position as a
top-three firm in the trading of NYSE listed securities and its
top position in secondary cash equity trading worldwide.
The merger of UBS and Sauerborn Trust in Germany creates
that country’s leading advisory service for ultra-high net worth
individuals.
December
The UBS Art Collection is presented to a broad public for the first time through its innovative multimedia “web museum” at www.ubs.com/artcollection.
UBS signs agreements to acquire the wealth management operations of Dresdner Bank Lateinamerika and Julius Baer in North America.
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| Our Annual Review provides a description of our business groups and a summary of the year 2004. | | | | | |
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