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Note 34
Significant subsidiaries and associates
The legal entity group structure of UBS is designed to support the Group's businesses within an efficient legal, tax, regulatory and funding framework. Neither the business divisions of UBS (namely Investment Bank, Global Wealth Management & Business Banking and Global Asset Management) nor Corporate Center are replicated in their own individual legal entities, but rather they generally operate out of UBS AG (Parent Bank) through its Swiss and foreign branches.
The Parent Bank structure allows UBS to capitalize on the advantages offered by the use of one legal platform by all the business divisions. It provides for the most cost-efficient and flexible structure and facilitates efficient allocation and use of capital, comprehensive risk management and control and straightforward funding processes.
Where, usually due to local legal, tax or regulatory rules or due to additional legal entities joining the UBS Group via acquisition, it is either not possible or not efficient to operate out of the Parent Bank, then local subsidiary companies host the businesses. The significant operating subsidiary companies in the Group are listed below:
Significant subsidiaries | |||||
Company | Jurisdiction of incorporation | Business division 1 | Share capital in millions | Equity interest accumulated in % | |
Banco UBS Pactual S.A. | Rio de Janeiro, Brazil | IB | BRL | 349.6 | 100.0 |
Caisse Centrale de Réescompte | Paris, France | Global AM | EUR | 106.3 | 100.0 |
CCR Actions S.A. | Paris, France | Global AM | EUR | 1.1 | 100.0 |
CCR Gestion S.A. | Paris, France | Global AM | EUR | 2.2 | 100.0 |
Fondcenter AG | Zurich, Switzerland | Global AM | CHF | 0.1 | 100.0 |
OOO UBS Bank | Moscow, Russia | IB | RUB | 1,250.0 | 100.0 |
PT UBS Securities Indonesia | Jakarta, Indonesia | IB | IDR | 118,000.0 | 98.6 |
UBS (Bahamas) Ltd. | Nassau, Bahamas | Global WM&BB | USD | 4.0 | 100.0 |
UBS (France) S.A. | Paris, France | Global WM&BB | EUR | 50.7 | 100.0 |
UBS (Grand Cayman) Limited | George Town, Cayman Islands | IB | USD | 25.0 | 100.0 |
UBS (Italia) S.p.A. | Milan, Italy | Global WM&BB | EUR | 60.0 | 100.0 |
UBS (Luxembourg) S.A. | Luxembourg, Luxembourg | Global WM&BB | CHF | 150.0 | 100.0 |
UBS (Monaco) S.A. | Monte Carlo, Monaco | Global WM&BB | EUR | 9.2 | 100.0 |
UBS Alternative and Quantitative Investments Limited | London, Great Britain | Global AM | GBP | 0.3 | 100.0 |
UBS Alternative and Quantitative Investments LLC | Delaware, USA | Global AM | USD | 0.1 | 100.0 |
UBS Americas Inc | Delaware, USA | IB | USD | 0.0 | 100.0 |
UBS Asesores SA | Panama, Panama | Global WM&BB | USD | 0.0 | 100.0 |
UBS Bank (Canada) | Toronto, Canada | Global WM&BB | CAD | 8.5 | 100.0 |
UBS Bank Mexico, S.A. Institucion de Banca Multiple, UBS Grupo Financiero | Mexico City, Mexico | IB | MXN | 639.4 | 100.0 |
Company | Jurisdiction of incorporation | Business division 1 | Share capital in millions | Equity interest accumulated in % | |
UBS Bank USA | Utah, USA | Global WM&BB | USD | 1,700.0 | 100.0 |
UBS Bank, S.A. | Madrid, Spain | Global WM&BB | EUR | 77.2 | 100.0 |
UBS Belgium SA / NV | Brussels, Belgium | Global WM&BB | EUR | 23.0 | 100.0 |
UBS Capital (Jersey) Ltd | St. Helier, Jersey | IB | GBP | 119.0 | 100.0 |
UBS Capital B.V. | Amsterdam, the Netherlands | IB | EUR | 8.9 2 | 100.0 |
UBS Card Center AG | Glattbrugg, Switzerland | Global WM&BB | CHF | 0.1 | 100.0 |
UBS Clearing and Execution Services Limited | London, Great Britain | IB | USD | 50.0 | 100.0 |
UBS Convertible Securities (Jersey) Limited | St. Helier, Jersey | CC | CHF | 50.0 | 100.0 |
UBS Derivatives Hong Kong Limited | Hong Kong, China | IB | HKD | 880.0 | 100.0 |
UBS Deutschland AG | Frankfurt am Main, Germany | Global WM&BB | EUR | 176.0 | 100.0 |
UBS Factoring AG | Zurich, Switzerland | Global WM&BB | CHF | 5.0 | 100.0 |
UBS Fiduciaria S.p.A. | Milan, Italy | Global WM&BB | EUR | 0.2 | 100.0 |
UBS Finance (Cayman Islands) Ltd. | George Town, Cayman Islands | CC | USD | 0.5 | 100.0 |
UBS Finance (Curação) N.V. | Willemstad, Netherlands Antilles | CC | USD | 0.1 | 100.0 |
UBS Finance (Delaware) LLC | Delaware, USA | IB | USD | 37.3 2 | 100.0 |
UBS Financial Services Inc. | Delaware, USA | Global WM&BB | USD | 2,005.8 2 | 100.0 |
UBS Financial Services Incorporated of Puerto Rico | Hato Rey, Puerto Rico | Global WM&BB | USD | 31.0 2 | 100.0 |
UBS Fund Advisor, L.L.C. | Delaware, USA | Global WM&BB | USD | 0.0 | 100.0 |
UBS Fund Holding (Luxembourg) S.A. | Luxembourg, Luxembourg | Global AM | CHF | 42.0 | 100.0 |
UBS Fund Holding (Switzerland) AG | Basel, Switzerland | Global AM | CHF | 18.0 | 100.0 |
UBS Fund Management (Switzerland) AG | Basel, Switzerland | Global AM | CHF | 1.0 | 100.0 |
UBS Fund Services (Cayman) Ltd | George Town, Cayman Islands | Global AM | USD | 5.6 | 100.0 |
UBS Fund Services (Ireland) Limited | Dublin, Ireland | Global AM | EUR | 1.3 | 100.0 |
UBS Fund Services (Luxembourg) S.A. | Luxembourg, Luxembourg | Global AM | CHF | 2.5 | 100.0 |
UBS Fund Services (Luxembourg) S.A. Poland Branch | Zabierzow, Poland | CC | PLN | 0.1 | 100.0 |
UBS Futures Singapore Ltd. | Singapore, Singapore | IB | USD | 39.8 2 | 100.0 |
UBS Global Asset Management (Americas) Inc | Delaware, USA | Global AM | USD | 0.0 | 100.0 |
UBS Global Asset Management (Australia) Ltd | Sydney, Australia | Global AM | AUD | 8.0 | 100.0 |
UBS Global Asset Management (Canada) Co | Toronto, Canada | Global AM | CAD | 117.0 | 100.0 |
UBS Global Asset Management (Deutschland) GmbH | Frankfurt am Main, Germany | Global AM | EUR | 7.7 | 100.0 |
UBS Global Asset Management (France) S.A. | Paris, France | Global WM&BB | EUR | 2.3 | 100.0 |
UBS Global Asset Management (Hong Kong) Limited | Hong Kong, China | Global AM | HKD | 25.0 | 100.0 |
UBS Global Asset Management (Italia) SGR SpA | Milan, Italy | Global AM | EUR | 3.1 | 100.0 |
UBS Global Asset Management (Japan) Ltd | Tokyo, Japan | Global AM | JPY | 2,200.0 | 100.0 |
UBS Global Asset Management (Singapore) Ltd | Singapore, Singapore | Global AM | SGD | 4.0 | 100.0 |
UBS Global Asset Management (Taiwan) Ltd | Taipei, Taiwan | Global AM | TWD | 340.0 | 100.0 |
UBS Global Asset Management (UK) Ltd | London, Great Britain | Global AM | GBP | 68.0 | 100.0 |
UBS Global Asset Management (US) Inc | Delaware, USA | Global AM | USD | 23.2 2 | 100.0 |
UBS Global Asset Management Funds Ltd | London, Great Britain | Global AM | GBP | 19.0 | 100.0 |
UBS Global Asset Management Holding Ltd | London, Great Britain | Global AM | GBP | 86.0 | 100.0 |
UBS Global Asset Management Life Ltd | London, Great Britain | Global AM | GBP | 5.0 | 100.0 |
UBS Global Life AG | Vaduz, Liechtenstein | Global WM&BB | CHF | 5.0 | 100.0 |
UBS Global Trust Corporation | St. John, Canada | Global WM&BB | CAD | 0.1 | 100.0 |
UBS Grupo Financiero, S.A. de C.V. | Mexico City, Mexico | IB | MXN | 851.8 | 100.0 |
UBS Hana Asset Management Company Ltd | Seoul, South Korea | Global AM | KRW | 45,000.0 | 51.0 |
UBS International Holdings B.V. | Amsterdam, the Netherlands | CC | EUR | 6.8 | 100.0 |
UBS International Inc. | New York, USA | Global WM&BB | USD | 44.3 2 | 100.0 |
UBS International Life Limited | Dublin, Ireland | Global WM&BB | EUR | 1.0 | 100.0 |
UBS Investment Management Canada Inc. | Toronto, Canada | Global WM&BB | CAD | 0.0 | 100.0 |
Company | Jurisdiction of incorporation | Business division 1 | Share capital in millions | Equity interest accumulated in % | |
UBS Investments Philippines, Inc. | Makati City, Philippines | IB | PHP | 360.0 | 99.4 |
UBS Italia SIM SpA | Milan, Italy | IB | EUR | 15.1 | 100.0 |
UBS Leasing AG | Zurich, Switzerland | Global WM&BB | CHF | 10.0 | 100.0 |
UBS Life AG | Zurich, Switzerland | Global WM&BB | CHF | 25.0 | 100.0 |
UBS Life Insurance Company USA | California, USA | Global WM&BB | USD | 39.3 2 | 100.0 |
UBS Limited | London, Great Britain | IB | GBP | 63.3 | 100.0 |
UBS Loan Finance LLC | Delaware, USA | IB | USD | 16.7 | 100.0 |
UBS Menkul Degerler AS | Istanbul, Turkey | IB | TRY | 30.0 | 100.0 |
UBS New Zealand Limited | Auckland, New Zealand | IB | NZD | 7.5 | 100.0 |
UBS O'Connor Limited | London, Great Britain | Global AM | GBP | 8.8 | 100.0 |
UBS O'Connor LLC | Delaware, USA | Global AM | USD | 1.0 | 100.0 |
UBS Pactual Asset Management S.A. DTVM | Rio de Janeiro, Brazil | Global AM | BRL | 73.2 | 100.0 |
UBS Preferred Funding Company LLC I | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC II | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC IV | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC V | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Real Estate Kapitalanlagegesellschaft mbH | Munich, Germany | Global AM | EUR | 7.5 | 51.0 |
UBS Real Estate Securities Inc | Delaware, USA | IB | USD | 950.4 2 | 100.0 |
UBS Realty Investors LLC | Massachusetts, USA | Global AM | USD | 9.3 | 100.0 |
UBS Sauerborn Private Equity Komplementär GmbH | Bad Homburg, Germany | Global WM&BB | EUR | 0.0 | 100.0 |
UBS Securities (Thailand) Ltd | Bangkok, Thailand | IB | THB | 400.0 | 100.0 |
UBS Securities Asia Limited | Hong Kong, China | IB | HKD | 20.0 | 100.0 |
UBS Securities Australia Ltd | Sydney, Australia | IB | AUD | 209.8 2 | 100.0 |
UBS Securities Canada Inc | Toronto, Canada | IB | CAD | 10.0 | 100.0 |
UBS Securities España Sociedad de Valores SA | Madrid, Spain | IB | EUR | 15.0 | 100.0 |
UBS Securities France S.A. | Paris, France | IB | EUR | 22.9 | 100.0 |
UBS Securities Hong Kong Limited | Hong Kong, China | IB | HKD | 430.0 | 100.0 |
UBS Securities India Private Limited | Mumbai, India | IB | INR | 668.3 | 100.0 |
UBS Securities International Limited | London, Great Britain | IB | GBP | 18.0 | 100.0 |
UBS Securities Japan Ltd | George Town, Cayman Islands | IB | JPY | 60,000.0 | 100.0 |
UBS Securities LLC | Delaware, USA | IB | USD | 22,205.6 2 | 100.0 |
UBS Securities Malaysia Sdn. Bhd. | Kuala Lumpur, Malaysia | IB | MYR | 75.0 | 100.0 |
UBS Securities Philippines Inc | Makati City, Philippines | IB | PHP | 190.0 | 100.0 |
UBS Securities Pte. Ltd. | Singapore, Singapore | IB | SGD | 311.5 | 100.0 |
UBS Securities Pte. Ltd. Seoul Branch | Seoul, South Korea | IB | KRW | 150,000.0 | 100.0 |
UBS Service Centre (India) Private Limited | Mumbai, India | CC | INR | 1,249.6 | 100.0 |
UBS Service Centre (Poland) Sp. z o.o. | Krakow, Poland | CC | PLN | 0.1 | 100.0 |
UBS Services USA LLC | Delaware, USA | Global WM&BB | USD | 0.1 | 100.0 |
UBS South Africa (Proprietary) Limited | Sandton, South Africa | IB | ZAR | 0.0 | 100.0 |
UBS Swiss Financial Advisers AG | Zurich, Switzerland | Global WM&BB | CHF | 1.5 | 100.0 |
UBS Trustees (Bahamas) Ltd | Nassau, Bahamas | Global WM&BB | USD | 2.0 | 100.0 |
UBS Trustees (Cayman) Ltd | George Town, Cayman Islands | Global WM&BB | USD | 2.0 | 100.0 |
UBS Trustees (Jersey) Ltd. | St. Helier, Jersey | Global WM&BB | GBP | 0.0 | 100.0 |
UBS Trustees (Singapore) Ltd | Singapore, Singapore | Global WM&BB | SGD | 3.3 | 100.0 |
UBS UK Holding Limited | London, Great Britain | IB | GBP | 5.0 | 100.0 |
UBS UK Properties Limited | London, Great Britain | IB | GBP | 132.0 | 100.0 |
UBS Wealth Management (UK) Ltd | London, Great Britain | Global WM&BB | GBP | 2.5 | 100.0 |
UBS Wealth Management Australia Ltd | Melbourne, Australia | Global WM&BB | AUD | 53.9 | 100.0 |
UBS Trust Company National Association | New York, USA | Global WM&BB | USD | 105.0 2 | 100.0 |
Vermogens Advies Holding B.V. | Amsterdam, the Netherlands | Global WM&BB | EUR | 0.3 | 100.0 |
Consolidated companies: changes in 2008 |
Significant new companies |
Caisse Centrale de Réescompte - Paris, France |
CCR Actions S.A. - Paris, France |
CCR Gestion S.A. - Paris, France |
UBS Convertible Securities (Jersey) Limited - St. Helier, Jersey |
UBS Preferred Funding Company LLC V - Delaware, USA |
UBS Service Center (India) Private Limited - Mumbai, India |
Vermogens Advies Holding B.V. - Amsterdam, the Netherlands |
Deconsolidated companies | |
Significant deconsolidated companies | Reason for deconsolidation |
Crédit Industriel Société Anonyme in Liquidation - Zurich, Switzerland | Liquidated |
Thesaurus Continentale Effekten-Gesellschaft in Zurich in Liquidation - Zurich, Switzerland | Liquidated |
UBS Fiduciary Trust Company - New Jersey, USA | Sold |
Significant associates | ||
Company | Industry | Equity interest in % |
SIX Group AG - Zurich, Switzerland | Financial | 17.3 |
UBS Securities Co. Limited - Beijing, China | Financial | 20.0 |
Williamsburg Edge LLC - Delaware, USA | Real Estate | 50.0 |
219 West 81st LLC - Delaware, USA | Real Estate | 50.0 |
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© UBS 1998-2009. All rights reserved.
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| UBS has restated its annual report for 2008 on May 20, 2009, including the financial statements and other information. | | | | | |
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