15 Feb 2002, 00:00 | Media Releases Switzerland

Beginning in May 2003, Swiss Post will join forces with UBS AG and add loans to its range of financial services. Closing this gap in the lending business will enable Swiss Post to retain its customers in its profitable core business - payments - and to develop new sources of earnings at the same time. The Yellow Credits for private and business customers will be easy to understand and highly standardized. The product design and pricing structure will follow Postfinance specifications. UBS will handle risk and capital management plus refinancing. A successful partnership between Postfinance and UBS has existed for several years.