May 16, 2003

UBS (France) S.A. acquires French wealth management business from Lloyds TSB

UBS today signed an agreement to acquire Lloyds Bank S.A., the French wealth management business of the British bank Lloyds TSB, for an undisclosed price. Lloyds Bank S.A. serves wealthy private clients in the French market, focusing primarily on the high net worth and core affluent segments, and is therefore a strategic fit. This acquisition strengthens UBS (France) S.A.'s presence in France. Lloyds Bank S.A., which employs 80 people, manages around EUR 1bn in invested assets and has offices in Paris, Lyons and Cannes. It significantly increases the number of UBS clients in France. The transaction is subject to regulatory approval and is expected to be completed by the end of June 2003. Upon completion, the legal entity of Lloyds Bank S.A. will be renamed UBS Wealth Management (France) S.A.

Jean-Louis de Montesquiou, President of the Executive Board of UBS (France) S.A., comments: "Both clients and client advisors will benefit from the experience, know-how and substantial resources that UBS can bring to bear. Wealth management is core to UBS, hence we are a reliable and experienced partner for our clients in France. We are in a position to offer high-quality tailored advice and best-in-class products in all areas of wealth management. Our clients in France have access to a global investment platform and we offer them a comprehensive range of solutions to meet their needs."

UBS (France) S.A. launched its wealth management activities for high-net-worth private clients in Paris on 1 June 1999. Further offices followed in Lyons, Marseilles, Bordeaux, Nantes, Strasbourg and Lille. UBS (France) S.A. currently employs 250 people.

UBS is a leading financial services group with 69,000 employees around the world, providing a comprehensive range of services for private, corporate and institutional clients. UBS is represented in all of the world's key financial centres.

The European wealth management business is an important strategic focus for UBS. The bank's range of products and services, based on an open-architecture approach, is carefully adapted to fit the specific tax and legal requirements in each jurisdiction and the varying demands of clients in its various markets.

Media Release / 38KB

Zurich / Basel / Paris, 16 May 2003
UBS AG