UBS acquires American Express Bank’s private banking activities in Luxembourg

UBS (Luxembourg) S.A. and American Express Bank (Luxembourg) S.A. have reached an agreement for UBS to acquire American Express Bank's private banking activities in Luxembourg. With this acquisition, UBS is further strengthening its position as a wealth manager of choice in a key European financial centre.

American Express Bank’s private banking activities in Luxembourg, with assets of about USD 385 million, will be integrated into UBS (Luxembourg) S.A., which employs some 330 people in its wealth management business. American Express Bank will convert its presence in Luxembourg to a regional operations center serving other private banking locations throughout its network.

The terms of the transaction were not disclosed. The transaction has been approved by the supervisory authorities and is expected to be completed in the first quarter of 2005.

Roger Hartmann, Head of UBS (Luxembourg) S.A., comments: “American Express Bank’s private banking clients in Luxembourg will have access to a global investment platform with UBS. In addition, they will benefit from the experience and expertise of UBS and from our presence in the world’s leading financial markets.”

Zurich/Basel/Luxembourg, 25 November 2004
UBS