Ferrier Lullin & Cie S.A. signs Memorandum of Understanding to acquire Banque Notz Stucki S.A.

Banque Notz Stucki S.A. was founded in 1998 and specializes in wealth management exclusively for private individuals, mainly within Europe. Its assets under management total more than two billion Swiss francs. The bank's sole office in Geneva houses 28 staff.

Notz Stucki & Cie, the asset management group, is independent from Banque Notz Stucki S.A. and is not affected by the transaction.

Following this merger agreement, which matches the trend towards consolidation in the Swiss private banking market, Jean-Marie de Charrière, CEO of Ferrier Lullin & Cie S.A., commented: "The planned acquisition of Banque Notz Stucki S.A. provides us with an excellent opportunity to develop our business in Switzerland and Europe, since the company's clientele dovetails perfectly with our own in terms of both profile and geographical location. This transaction is very much in line with our growth objectives, which we have formulated so as to be highly specific and compatible with our core business, our corporate culture and our banking infrastructure."

For Banque Notz Stucki S.A. the merger reflects a desire to offer clients a solid and yet dynamic private bank that can guarantee them access to a first-class range of products and services. Speaking on behalf of his shareholders, Christoph La Roche, President of the Board of Directors, said: "Ferrier Lullin, an illustrious name on the Geneva private banking scene, embodies the ideal platform into which we can integrate our clientele."

Ferrier Lullin & Cie S.A., founded in 1795, is the oldest of the Geneva-based private banks. It is a member of the UBS Group and specializes in global wealth management for private individuals, company owners and shareholder families, as well as services for independent asset managers. The Ferrier Lullin Group has offices in Geneva, Lausanne, Sion and Nassau and a total staff of 300.

Geneva, 20 November 2003

UBS