UBS Bank USA opens successfully
UBS Bank USA opened successfully on 15 September 2003. By 30 September 2003, the bank had USD 5.1 billion in assets, of which USD 3.4 billion were client borrowings under Premier Fixed and Premier Variable Credit Lines, partially funded by USD 2.2 billion in deposits.
UBS Bank USA represents a significant step in further strengthening our balance sheet advisory offering to core affluent and high net worth clients, allowing us to provide them with Federal Deposit Insurance Corporation (FDIC) insured deposit accounts and enhanced collateralized lending capabilities.
Prior to 15 September 2003, uninvested cash balances of clients were automatically swept into Global Asset Management money market funds. Now, however, future cash deposits of eligible clients will automatically be swept into UBS Bank USA’s FDIC insured deposits. The approximate total value of the money market funds that could potentially be affected by this gradual change is USD 30 billion.
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