Initiatives & Achievements

UBS Bank USA's first anniversary

In fourth quarter, UBS Bank USA started its second year of operations. Launched to provide affluent investors with an enhanced collateralized lending service and FDIC-insured deposits, its first year has been a significantly successful one. It is already one of the 50 largest banks in the US, with one of the fastest-growing loan books. Its assets were USD 17.6 billion on 31 December, up from slightly more than USD 11.2 billion on the same date a year earlier. Loans made to clients under our fixed and variable credit lines were USD 7.2 billion, up from USD 4.5 billion a year earlier. In the same period, the bank’s investment portfolio rose to USD 10.2 billion from USD 6.6 billion. Deposits of USD 14.9 billion (up from USD 8.2 billion at year-end 2003) provide most of the funding for the bank’s assets.