The legal entity group structure of UBS is designed to support the Group’s businesses within an efficient legal, tax, regulatory and funding framework. Neither the Business Groups of UBS (namely Investment Bank, Global Wealth Management & Business Banking and Global Asset Management) nor Corporate Center are replicated in their own individual legal entities, but rather they generally operate out of UBS AG (Parent Bank) through its Swiss and foreign branches.
The parent bank structure allows UBS to capitalize on the advantages offered by the use of one legal platform by all the Business Groups. It provides for the most cost efficient and flexible structure and facilitates efficient allocation and use of capital, comprehensive risk management and control and straightforward funding processes.
Where, usually due to local legal, tax or regulatory rules or due to additional legal entities joining the UBS Group via acquisition, it is either not possible or not efficient to operate out of the parent bank, then local subsidiary companies host the businesses. The significant operating subsidiary companies in the Group are listed below:
Significant subsidiaries | |||||
Company | Jurisdiction of incorporation | Business Group 1 | Share capital
| Equity interest
| |
Banco UBS SA | Rio de Janeiro, Brazil | IB | BRL | 52.9 | 100.0 |
Crédit Industriel SA | Zurich, Switzerland | Global WM&BB | CHF | 0.1 | 100.0 |
Etra SIM SpA | Milan, Italy | Global WM&BB | EUR | 7.6 | 100.0 |
Factors AG | Zurich, Switzerland | Global WM&BB | CHF | 5.0 | 100.0 |
Noriba Bank BSC | Manama, Bahrain | Global WM&BB | USD | 10.0 | 100.0 |
PaineWebber Capital Inc | Delaware, USA | IB | USD | 25.8 | 100.0 |
PT UBS Securities Indonesia | Jakarta, Indonesia | IB | IDR | 100,000.0 | 98.4 |
Thesaurus Continentale Effekten-Gesellschaft in Zürich | Zurich, Switzerland | Global WM&BB | CHF | 0.1 | 100.0 |
UBS (Bahamas) Ltd | Nassau, Bahamas | Global WM&BB | USD | 4.0 | 100.0 |
UBS (France) SA | Paris, France | Global WM&BB | EUR | 10.7 | 100.0 |
UBS (Grand Cayman) Limited | George Town, Cayman Islands | IB | USD | 25.0 | 100.0 |
UBS (Italia) SpA | Milan, Italy | Global WM&BB | EUR | 60.0 | 100.0 |
UBS (Luxembourg) SA | Luxembourg, Luxembourg | Global WM&BB | CHF | 150.0 | 100.0 |
UBS (Monaco) SA | Monte Carlo, Monaco | Global WM&BB | EUR | 9.2 | 100.0 |
UBS (Trust and Banking) Limited | Tokyo, Japan | Global AM | JPY | 11,150.0 | 100.0 |
UBS Advisory and Capital Markets Australia Ltd | Sydney, Australia | IB | AUD | 580.8 2 | 100.0 |
UBS Alternative and Quantitative Investments LLC | Delaware, USA | Global AM | USD | 0.0 | 100.0 |
UBS Americas Inc | Delaware, USA | IB | USD | 4,550.8 | 100.0 |
UBS Asesores SA | Panama, Panama | Global WM&BB | USD | 0.0 | 100.0 |
UBS Australia Limited | Sydney, Australia | IB | AUD | 50.0 | 100.0 |
UBS Bank (Canada) | Toronto, Canada | Global WM&BB | CAD | 8.5 | 100.0 |
UBS Bank USA | Utah, USA | Global WM&BB | USD | 1,700.0 | 100.0 |
UBS Belgium SA/NV | Brussels, Belgium | Global WM&BB | EUR | 17.0 | 100.0 |
UBS Capital (Jersey) Ltd | St. Helier, Jersey | IB | GBP | 226.0 | 100.0 |
UBS Capital AG | Zurich, Switzerland | IB | CHF | 5.0 | 100.0 |
UBS Capital Americas Investments II LLC | Delaware, USA | IB | USD | 130.0 2 | 100.0 |
UBS Capital Americas Investments III Ltd | George Town, Cayman Islands | IB | USD | 61.1 2 | 100.0 |
UBS Capital Asia Pacific Limited | George Town, Cayman Islands | IB | USD | 5.0 | 100.0 |
UBS Capital BV | Amsterdam, the Netherlands | IB | EUR | 118.8 2 | 100.0 |
UBS Capital II LLC | Delaware, USA | IB | USD | 2.6 2 | 100.0 |
UBS Capital Latin America LDC | George Town, Cayman Islands | IB | USD | 113.0 2 | 100.0 |
UBS Capital LLC | Delaware, USA | IB | USD | 378.5 2 | 100.0 |
UBS Card Center AG | Glattbrugg, Switzerland | Global WM&BB | CHF | 0.1 | 100.0 |
UBS Commodities Canada Ltd. | Toronto, Canada | IB | USD | 11.3 | 100.0 |
UBS Corporate Finance Italia SpA | Milan, Italy | IB | EUR | 1.9 | 100.0 |
UBS Derivatives Hong Kong Limited | Hong Kong, China | IB | HKD | 60.0 | 100.0 |
UBS Deutschland AG | Frankfurt am Main, Germany | Global WM&BB | EUR | 176.0 | 100.0 |
UBS Employee Benefits Trust Limited | St. Helier, Jersey | CC | CHF | 0.0 | 100.0 |
UBS Energy LLC | Delaware, USA | IB | USD | 0.0 | 100.0 |
UBS España SA | Madrid, Spain | Global WM&BB | EUR | 62.2 | 100.0 |
UBS Fiduciaria SpA | Milan, Italy | Global WM&BB | EUR | 0.2 | 100.0 |
UBS Fiduciary Trust Company | New Jersey, USA | Global WM&BB | USD | 4.4 2 | 99.6 |
UBS Finance (Cayman Islands) Ltd | George Town, Cayman Islands | CC | USD | 0.5 | 100.0 |
UBS Finance (Curação) NV | Willemstad, Netherlands Antilles | CC | USD | 0.1 | 100.0 |
UBS Finance (Delaware) LLC | Delaware, USA | IB | USD | 37.3 2 | 100.0 |
UBS Financial Services Inc | Delaware, USA | Global WM&BB | USD | 1,672.3 2 | 100.0 |
UBS Financial Services Incorporated of Puerto Rico | Hato Rey, Puerto Rico | Global WM&BB | USD | 31.0 2 | 100.0 |
UBS Fund Advisor LLC | Delaware, USA | Global WM&BB | USD | 0.0 | 100.0 |
UBS Fund Holding (Luxembourg) SA | Luxembourg, Luxembourg | Global AM | CHF | 42.0 | 100.0 |
UBS Fund Holding (Switzerland) AG | Basel, Switzerland | Global AM | CHF | 18.0 | 100.0 |
UBS Fund Management (Switzerland) AG | Basel, Switzerland | Global AM | CHF | 1.0 | 100.0 |
UBS Fund Services (Cayman) Ltd | George Town, Cayman Islands | Global AM | USD | 5.6 | 100.0 |
UBS Fund Services (Ireland) Limited | Dublin, Ireland | Global AM | EUR | 1.3 | 100.0 |
UBS Fund Services (Luxembourg) SA | Luxembourg, Luxembourg | Global AM | CHF | 2.5 | 100.0 |
UBS Global Asset Management (Americas) Inc | Delaware, USA | Global AM | USD | 0.0 | 100.0 |
UBS Global Asset Management (Australia) Ltd | Sydney, Australia | Global AM | AUD | 8.0 | 100.0 |
UBS Global Asset Management (Canada) Co | Toronto, Canada | Global AM | CAD | 117.0 | 100.0 |
UBS Global Asset Management (Deutschland) GmbH | Frankfurt am Main, Germany | Global AM | EUR | 7.7 | 100.0 |
UBS Global Asset Management (France) SA | Paris, France | Global WM&BB | EUR | 2.1 | 100.0 |
UBS Global Asset Management (Hong Kong) Limited | Hong Kong, China | Global AM | HKD | 25.0 | 100.0 |
UBS Global Asset Management (Italia) SIM SpA | Milan, Italy | Global AM | EUR | 2.0 | 100.0 |
UBS Global Asset Management (Japan) Ltd | Tokyo, Japan | Global AM | JPY | 2,200.0 | 100.0 |
UBS Global Asset Management (Singapore) Ltd | Singapore, Singapore | Global AM | SGD | 4.0 | 100.0 |
UBS Global Asset Management (Taiwan) Ltd | Taipei, Taiwan | Global AM | TWD | 340.0 | 100.0 |
UBS Global Asset Management (US) Inc | Delaware, USA | Global AM | USD | 35.2 2 | 100.0 |
UBS Global Asset Management Holding Ltd | London, Great Britain | Global AM | GBP | 33.0 | 100.0 |
UBS Global Life AG | Vaduz, Liechtenstein | Global WM&BB | CHF | 5.0 | 100.0 |
UBS Global Trust Corporation | St. John, Canada | Global WM&BB | CAD | 0.1 | 100.0 |
UBS International Holdings BV | Amsterdam, the Netherlands | CC | EUR | 6.8 | 100.0 |
UBS International Inc | New York, USA | Global WM&BB | USD | 34.3 2 | 100.0 |
UBS International Life Limited | Dublin, Ireland | Global WM&BB | EUR | 1.0 | 100.0 |
UBS Investment Bank Nederland BV | Amsterdam, the Netherlands | IB | EUR | 10.8 | 100.0 |
UBS Investment Management Canada Inc | Toronto, Canada | Global WM&BB | CAD | 0.0 | 100.0 |
UBS Italia SIM SpA | Milan, Italy | IB | EUR | 15.1 | 100.0 |
UBS Leasing AG | Zurich, Switzerland | Global WM&BB | CHF | 10.0 | 100.0 |
UBS Life AG | Zurich, Switzerland | Global WM&BB | CHF | 25.0 | 100.0 |
UBS Life Insurance Company (USA) | California, USA | Global WM&BB | USD | 39.3 2 | 100.0 |
UBS Limited | London, Great Britain | IB | GBP | 29.4 | 100.0 |
UBS Loan Finance LLC | Delaware, USA | IB | USD | 16.7 | 100.0 |
UBS Mortgage Holdings LLC | Delaware, USA | Global WM&BB | USD | 0.0 | 100.0 |
UBS New Zealand Limited | Auckland, New Zealand | IB | NZD | 7.5 | 100.0 |
UBS O’Connor LLC | Delaware, USA | Global AM | USD | 1.0 | 100.0 |
UBS Portfolio LLC | Delaware, USA | IB | USD | 0.1 | 100.0 |
UBS Preferred Funding Company LLC I | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC I I | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC III | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Preferred Funding Company LLC IV | Delaware, USA | CC | USD | 0.0 | 100.0 |
UBS Principal Finance LLC | Delaware, USA | IB | USD | 0.1 | 100.0 |
UBS Private Clients Australia Ltd | Melbourne, Australia | Global WM&BB | AUD | 53.9 | 100.0 |
UBS Real Estate Investments Inc | Delaware, USA | IB | USD | 0.3 | 100.0 |
UBS Real Estate Kapitalanlagegesellschaft mbH | Munich, Germany | Global AM | EUR | 7.5 | 51.0 |
UBS Real Estate Securities Inc | Delaware, USA | IB | USD | 0.4 | 100.0 |
UBS Realty Investors LLC | Massachusetts, USA | Global AM | USD | 9.3 | 100.0 |
UBS Securities (Thailand) Ltd | Bangkok, Thailand | IB | THB | 400.0 | 100.0 |
1 Global WM&BB: Global Wealth Management & Business Banking, Global AM: Global Asset Management, IB: Investment Bank, CC: Corporate Center. 2 Share capital and share premium.
UBS Securities Asia Limited | Hong Kong, China | IB | HKD | 20.0 | 100.0 |
UBS Securities Australia Ltd | Sydney, Australia | IB | AUD | 209.8 2 | 100.0 |
UBS Securities Canada Inc | Toronto, Canada | IB | CAD | 10.0 | 50.0 |
UBS Securities España Sociedad de Valores SA | Madrid, Spain | IB | EUR | 15.0 | 100.0 |
UBS Securities France SA | Paris, France | IB | EUR | 22.9 | 100.0 |
UBS Securities Hong Kong Limited | Hong Kong, China | IB | HKD | 230.0 | 100.0 |
UBS Securities India Private Limited | Mumbai, India | IB | INR | 237.8 | 75.0 |
UBS Securities International Limited | London, Great Britain | IB | GBP | 18.0 | 100.0 |
UBS Securities Japan Ltd | George Town, Cayman Islands | IB | JPY | 60,000.0 | 100.0 |
UBS Securities Limited | London, Great Britain | IB | GBP | 140.0 | 100.0 |
UBS Securities Limited Seoul Branch | Seoul, South Korea | IB | KRW | 0.0 | 100.0 |
UBS Securities LLC | Delaware, USA | IB | USD | 2,141.4 2 | 100.0 |
UBS Securities Malaysia Sdn Bdn | Kuala Lumpur, Malaysia | IB | MYR | 75.0 | 100.0 |
UBS Securities Philippines Inc | Makati City, Philippines | IB | PHP | 150.0 | 100.0 |
UBS Securities Pte. Ltd. | Singapore, Singapore | IB | SGD | 90.0 | 100.0 |
UBS Services USA LLC | Delaware, USA | Global WM&BB | USD | 0.0 | 100.0 |
UBS South Africa (Proprietary) Limited | Sandton, South Africa | IB | ZAR | 87.1 2 | 100.0 |
UBS Swiss Financial Advisers AG | Zurich, Switzerland | Global WM&BB | CHF | 1.5 | 100.0 |
UBS Trust Company National Association | New York, USA | Global WM&BB | USD | 5.0 2 | 100.0 |
UBS Trustees (Bahamas) Ltd | Nassau, Bahamas | Global WM&BB | USD | 2.0 | 100.0 |
UBS Trustees (Cayman) Ltd | George Town, Cayman Islands | Global WM&BB | USD | 2.0 | 100.0 |
UBS Trustees (Jersey) Ltd | St. Helier, Jersey | Global WM&BB | GBP | 0.0 | 100.0 |
UBS Trustees (Singapore) Ltd | Singapore, Singapore | Global WM&BB | SGD | 3.3 | 100.0 |
UBS UK Holding Limited | London, Great Britain | IB | GBP | 5.0 | 100.0 |
UBS UK Properties Limited | London, Great Britain | IB | GBP | 100.0 | 100.0 |
UBS Wealth Management (UK) Ltd | London, Great Britain | Global WM&BB | GBP | 2.5 | 100.0 |
Motor-Columbus AG | Baden, Switzerland | CC | CHF | 253.0 | 55.6 |
Aare-Tessin AG für Elektrizität 3 | Olten, Switzerland | CC | CHF | 303.6 | 33.0 |
Atel Energia S.r.l. 3 | Milan, Italy | CC | EUR | 20.0 | 32.3 |
Atel Installationstechnik AG 3 | Olten, Switzerland | CC | CHF | 30.0 | 33.0 |
Entrade GmbH 3 | Schaffhausen, Switzerland | CC | CHF | 0.4 | 24.7 |
GAH Beteiligungs AG 3 | Heidelberg, Germany | CC | EUR | 25.0 | 33.0 |
Società Elettrica Sopracenerina SA 3 | Locarno, Switzerland | CC | CHF | 27.5 | 19.6 |
1 Global WM&BB: Global Wealth Management & Business Banking, Global AM: Global Asset Management, IB: Investment Bank, CC: Corporate Center. 2 Share capital and share premium. 3 Not wholly owned subsidiary controlled by Motor-Columbus which itself is only 55.6% owned by UBS.
Consolidated companies: changes in 2005 |
Significant new companies |
Etra SIM SpA – Milan, Italy |
UBS Real Estate Kapitalanlagegesellschaft mbH – Munich, Germany |
UBS Swiss Financial Advisers AG – Zurich, Switzerland |
Deconsolidated companies | |
Significant deconsolidated companies | Reason for deconsolidation |
Ehinger & Armand von Ernst AG – Zurich, Switzerland | Sold |
Ferrier Lullin & Cie SA – Geneva, Switzerland | Sold |
BDL Banco di Lugano – Lugano, Switzerland | Sold |
GAM Holding AG – Zurich, Switzerland | Sold |
UBS Investment Bank AG – Frankfurt am Main, Germany | Merged |
UBS Capital SpA – Milan, Italy | Sold |
Cantrade Private Bank Switzerland (CI) Limited – St. Helier, Jersey | Sold |
GAM Limited – Hamilton, Bermuda | Sold |
BDL Banco di Lugano (Singapore) Ltd – Singapore, Singapore | Sold |
SBC Wealth Management AG – Zug, Switzerland | Merged |
Significant associates | ||||
Company | Industry | Equity interest in % | Share capital
| Share capital
|
Electricité d’Emosson SA - Martigny, Switzerland | Electricity | 16 | CHF | 140 |
Engadiner Kraftwerke AG - Zernez, Switzerland | Electricity | 7 | CHF | 140 |
Kernkraftwerk Gösgen-Däniken AG - Däniken, Switzerland | Electricity | 13 | CHF | 350 1 |
Kernkraftwerk Leibstadt AG - Leibstadt, Switzerland | Electricity | 9 | CHF | 450 |
SIS Swiss Financial Services Group AG - Zurich, Switzerland | Financial | 33 | CHF | 26 |
Telekurs Holding AG - Zurich, Switzerland | Financial | 33 | CHF | 45 |
UBS Alpha Select - George Town, Cayman Islands | Private Investment Company | 32 | USD | 295 2 |
UBS Alpha Hedge Fund - George Town, Cayman Islands | Private Investment Company | 23 | USD | 345 2 |
UBS Currency Portfolio Ltd - George Town, Cayman Islands | Private Investment Company | 25 | USD | 957 2 |
UBS Global Equity Arbitrage Ltd - George Town, Cayman Islands | Private Investment Company | 21 | USD | 613 2 |
Azienda Energetica Municipale S.p.A. - Milan, Italy | Electricity | 2 | EUR | 930 |
Chou Mitsui Private Equity Partners Investment Limited Partnership V - Tokyo, Japan | Private Investment Company | 47 | JPY | 10,490 |
ATR Acquisition LLC - Texas, USA | Manufacturing | 28 | USD | 273 |
Waterside Plaza Holdings LLC - Delaware, USA | Real Estate | 50 | USD | 119 |
.
None of the above investments carries voting rights that are significantly different from the proportion of shares held
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