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Merger of UBS (Luxembourg) S.A. and Banque Ferrier Lullin (Luxembourg) S.A.
The governing bodies of UBS (Luxembourg) S.A. and Banque Ferrier Lullin (Luxembourg) S.A. have announced their intention to merge the two companies. The planned integration of Banque Ferrier Lullin (Luxembourg) S.A.'s operations into UBS (Luxembourg) S.A. will strengthen the latter's position as a major player in the Luxembourg financial centre..
The planned integration of Banque Ferrier Lullin (Luxembourg) S.A.'s operations into UBS (Luxembourg) S.A. represents an ideal strategic solution for both institutions. It will enable UBS (Luxembourg) S.A. to boost its market share in private banking business, which serves a significant local and international clientele. The move reflects the UBS (Luxembourg) S.A.'s commitment to move ahead in line with the UBS Group's European strategy in this sector. For the Swiss private bank Ferrier Lullin & Cie SA, a UBS subsidiary and shareholder in Banque Ferrier Lullin (Luxembourg) S.A., the merger is consistent with its policy of focussing and streamlining its network of offices to deliver a range of products and services which no longer necessitates an actual presence on the Luxembourg financial scene.
The merger project will generate significant synergies in a number of areas. It will enable the pooling of recognized expertise in the field of wealth management services based on shared standards of service quality and professionalism.
The merger will involve the transfer of as many as possible of the 42 Banque Ferrier Lullin (Luxembourg) S.A. staff to UBS (Luxembourg) S.A. The latter currently employs 300 staff. A social plan will be negotiated with staff representatives and trade unions for employees who can not be accommodated within the new structure.
Subject to final approval by the shareholders of both banks, the merger of Banque Ferrier Lullin (Luxembourg) S.A. and UBS (Luxembourg) S.A. will be finalized by the end of the year at the latest.
Roger Hartmann, Managing Director, UBS (Luxembourg) S.A. +352 45 12 12 000
Zurich / Basel, 11 June 2002
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