UBS facts for kids
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Headquarters in Zürich, Switzerland
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Formerly
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Union Bank of Switzerland (1862–1998) |
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| Public (Aktiengesellschaft) | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=CH0244767585 CH0244767585] |
| Industry | |
| Predecessor |
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| Founded | 29 June 1998 (through the merger of Union Bank of Switzerland and Swiss Bank Corporation) |
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| Headquarters | Zürich, Switzerland |
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Area served
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Worldwide |
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Key people
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| Products |
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| Revenue |  US$40.8 billion (2023) |
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Operating income
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US$28.7 billion (2023) |
| US$27.8 billion (2023) |
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| AUM | US$5.71 trillion (2023) |
| Total assets | US$1.72 trillion (2023) |
| Total equity | US$86.1 billion (2023) |
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Number of employees
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115,038 (end 2023) |
| Subsidiaries | Credit Suisse |
| Capital ratio | Tier 1 14.4% (2023) |
| Rating | S&P: A+ Moody's: Aa2 Fitch: AA- |
| Footnotes / references UBS Institutional Reporting as of: end of 2023 |
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UBS Group AG is a huge bank and financial company that started in Switzerland. It has its main office in Zürich. UBS is the biggest bank in Switzerland and the largest private bank in the world. It is known for keeping its clients' financial information very private. Because UBS is so big in places like the Americas, Europe, and Asia, it is considered a "globally important bank" for the world's money system.
Besides helping rich people manage their money, UBS also offers services like wealth management, asset management, and investment banking. These services are for individuals, companies, and other large organizations around the world. UBS manages more private wealth than any other bank. About half of the world's billionaires are its clients! The bank also has many secret vaults and storage places for gold bars, especially in the Swiss Alps. UBS has faced investigations about helping people avoid paying taxes in countries like the U.S. and France. In 2018, UBS's operations in Switzerland and the U.S. were ranked very high on a list that measures how secretly money is handled.
As of December 2023, UBS is the seventh largest bank in Europe. It is one of the eight biggest "Bulge Bracket" banks globally. It manages over $3.2 trillion in assets. In 2023, UBS bought another big bank, Credit Suisse, in a special deal arranged by the Swiss government. This made UBS even bigger, managing over $5 trillion in assets. In 2016, UBS started a lab in London to research blockchain technology. This helps improve its cybersecurity and keeps client activities private. UBS is seen as one of the "biggest, most powerful financial institutions in the world."
How UBS Started
UBS began in 1862 as the Bank in Winterthur. This was part of a trend where many modern "big banks" started in Switzerland in the late 1800s. The name came from the town of Winterthur, which was a busy industrial center back then. Around the same time, in 1854, six private bankers in Basel created the Swiss Bank Corporation (SBC). They wanted to help Swiss railroad and manufacturing companies with their money needs.
In 1912, the Bank of Winterthur joined with Toggenburger Bank to form the Union Bank of Switzerland (UBS). This new bank grew quickly after a special "Banking Law" in 1934 made Swiss banking secrecy official. After many years of competition, the Union Bank of Switzerland and the Swiss Bank Corporation (SBC) decided to merge in 1998. They became one company, known simply as "UBS." The name "UBS" doesn't stand for "Union Bank of Switzerland" anymore. It's just the company's brand name, like how some other famous brands used to be abbreviations but are now just names.
During the 2007–2008 financial crisis, UBS faced big losses but managed to recover. In 2011, the bank had a problem called the "rogue trader scandal," which caused a $2 billion loss. After that, in 2012, UBS decided to focus more on helping people manage their wealth.
How UBS is Organized
UBS is a company whose shares are traded on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). As of December 2020, UBS has offices in 50 countries around the world. About 30% of its 73,000 employees work in the Americas, 30% in Switzerland, and the rest in Europe, the Middle East, Africa, and Asia Pacific. The bank has a very strong presence in the United States. Its main offices for investment banking are in New York City, and for private wealth management, they are in Weehawken, New Jersey.
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UBS has four main business groups:
- Global Wealth Management
- Personal & Corporate Bank
- Asset Management
- Investment Bank
Since 2003, all parts of UBS, including those that used to have different names like UBS Paine Webber, now just use the "UBS" name.
Global Wealth Management
This part of UBS helps wealthy people around the world manage their money. It offers advice and different ways to invest. As of 2018, UBS manages more private wealth than any other bank. Many of the world's richest people are clients here. More than 60% of the money managed by UBS Wealth Management belongs to people with a net worth of $10 million or more.
UBS offers services like helping people buy and sell investments, managing their assets, and giving investment advice. They also provide many types of savings products. This business is divided into regions, with separate teams for the U.S. and other international markets. Most of the money managed comes from Europe and Switzerland, with a good portion from Asia-Pacific.
UBS Wealth Management has its main office in Switzerland but operates in over 40 countries with about 190 offices. In Switzerland, UBS also offers everyday banking services like checking accounts, savings accounts, credit cards, and home loans for individuals. They also help small businesses and companies with their money.
In the Americas, UBS Wealth Management includes its U.S. and Canadian businesses. The U.S. part grew out of a company called Paine Webber, which UBS bought. UBS was named "Best Bank for Wealth Management in North America" in 2017.
Personal and Corporate Banking
This part of UBS provides financial products and services to regular people, companies, and large organizations in Switzerland. It is a very stable and profitable part of the bank. UBS is a leader in loans for individuals and companies in Switzerland. It serves many pension funds and most of the largest Swiss companies. In 2015, 2017, and 2018, UBS was named "Best Domestic Cash Manager Switzerland" by a financial magazine.
This division offers services like cash accounts, payments, savings, retirement plans, investment funds, and home loans. It also helps other parts of UBS by connecting clients who might need more specialized services, like wealth management. This part of the bank has 279 branches in Switzerland, 1,250 ATMs, and digital banking services for 2.5 million personal clients.
UBS Asset Management
UBS Asset Management helps clients invest in different areas like stocks, bonds, currencies, and real estate. When UBS and SBC merged in 1998, they combined their asset management teams. In 2002, they all became "UBS Global Asset Management."
At the end of 2018, UBS Asset Management was responsible for managing $781 billion in assets. With about 2,300 employees in 23 countries, UBS Asset Management is the largest manager of mutual funds in Switzerland. It is also a leading fund house in Europe and one of the biggest managers of hedge funds and real estate investments globally. It has major offices in cities like Chicago, London, New York, and Zürich.
In 2017, UBS changed how it organized its investment teams to create more systematic products for clients. It also formed a new area for real estate and private markets. In February 2017, UBS sold some of its fund administration units in Luxembourg and Switzerland to another company, Northern Trust Corporation. This allowed Northern Trust to grow in those countries.
UBS Investment Bank
UBS Investment Bank offers services related to buying and selling stocks, bonds, currencies, and other financial products. As of the end of 2018, this division had 5,205 employees in 33 countries. Its main offices are in cities like Chicago, Frankfurt, London, New York, and Zürich. This part of the bank also advises companies, governments, and other investors on how to raise money and make big deals. UBS Investment Bank used to be known as UBS Warburg.
The Investment Banking Department (IBD) helps companies with things like mergers (when two companies join), acquisitions (when one company buys another), and offering new stocks to the public. The Sales & Trading division helps clients buy and sell different types of investments. The trading floor in Stamford, Connecticut, was huge, covering 103,000 square feet. Over $1 trillion in assets were traded there every day.
Who UBS Competes With
Globally, UBS competes with the biggest investment banks in the world. Until it bought Credit Suisse in 2023, it was often compared to Credit Suisse. A 2018 study showed that UBS was among the top 10 investment banks worldwide.
- In Switzerland: UBS competes with local banks like Zürcher Kantonalbank and Raiffeisen.
- In Europe: UBS competes with large banks such as Deutsche Bank, HSBC, and BNP Paribas.
- In the United States: UBS competes with major American banks like Citigroup, Bank of America, Goldman Sachs, and JPMorgan Chase.
More About UBS's History
UBS's story goes back to 1862. When Union Bank of Switzerland and SBC merged, they wanted to call the new company "United Bank of Switzerland." But they decided to just use "UBS" because another Swiss company already had a similar name. So, "UBS" is now just the brand name, not an abbreviation. Its logo, which has three keys, came from SBC. These keys stand for confidence, security, and discretion (keeping things private).
Swiss Bank Corporation
The earliest part of UBS was formed in 1854. Six private banking firms in Basel, Switzerland, joined together to form a group called Bankverein. In 1871, this group became a company called Basler Bankverein. After some mergers, its name changed to Schweizerischer Bankverein. In English, it was first Swiss Bankverein, then changed to Swiss Bank Corporation (SBC) in 1917.
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SBC grew a lot, but its growth slowed during World War I and the Great Depression. In 1937, SBC started using its famous three-keys logo, which means confidence, security, and discretion. This logo is still part of the UBS logo today. Just before World War II started in 1939, SBC, like other Swiss banks, received a lot of money from other countries for safekeeping. SBC also opened an office in New York City to keep assets safe in case of war.
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After the war, SBC continued to grow. By the 1960s, its assets were over $10 billion. In the 1990s, SBC bought several important companies. In 1992, it bought O'Connor & Associates, a trading firm. In 1994, it bought Brinson Partners, an asset management firm. In 1995, it bought S.G. Warburg & Co., a big British investment bank. This was a major step into investment banking. In 1997, SBC bought Dillon, Read & Co., a U.S. investment bank. These acquisitions helped SBC become a strong player in the global financial world.
Union Bank of Switzerland
The Union Bank of Switzerland was formed in 1912 when the Bank in Winterthur and the Toggenburger Bank merged. The Bank in Winterthur started in 1862 and focused on financing industries. The Toggenburger Bank started in 1863 and specialized in savings and mortgages for individual customers. The new company was first called "Swiss Banking Association" in English, but in 1921, it changed to Union Bank of Switzerland (UBS).
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The combined bank had total assets of $202 million. In 1917, UBS built a new main office in Zurich on Bahnhofstrasse, which is like the Wall Street of Switzerland. By 1923, it had offices all over Switzerland.
The activities of the Union Bank of Switzerland during World War II became a big issue later. In the mid-1990s, it was revealed that UBS might have handled money and assets that belonged to victims of the Holocaust. This led to a lawsuit, and in 1998, UBS and other Swiss banks agreed to pay $1.25 billion to Holocaust victims.
After World War II, Union Bank of Switzerland grew by acquiring other banks. By 1962, it became the largest bank in Switzerland. In 1960, UBS bought a large share in Argor SA, a company that refines precious metals. UBS still issues gold bars through Argor-Heraeus today. In the 1980s, Union Bank of Switzerland became a leader in selling Eurobonds. In 1991, it made its first purchase in the United States, buying Chase Investors Management Corporation.
Merger of Union Bank of Switzerland and Swiss Bank Corporation: 1998
In the mid-1990s, Union Bank of Switzerland faced criticism from some shareholders who wanted the bank to change its ways. On December 8, 1997, Union Bank of Switzerland and Swiss Bank Corporation announced they would merge. At that time, they were the second and third largest banks in Switzerland. This merger created UBS AG, a new bank with over $590 billion in assets, making it the largest of its kind. The combined bank also became the world's largest money manager.
Paine Webber and International Growth: 2000–2006
On November 3, 2000, UBS merged with Paine Webber, a large American stock brokerage firm. This acquisition made UBS the top wealth and asset management firm in the world. At first, the business was called UBS PaineWebber, but in 2003, the Paine Webber name was dropped, and it became UBS Wealth Management USA.
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UBS worked hard to become one of the top investment banks. It hired many experienced bankers from other firms. By 2003, UBS had moved up to fourth place in global investment banking fees. It had a strong record of increasing profits for 20 quarters in a row. In 2006, UBS started a joint venture in China. However, by the end of 2006, UBS started facing challenges. Many top bankers left the company.
In 2004, UBS was fined $100 million by the U.S. Federal Reserve for trading dollars with countries like Iran, which were under sanctions.
Financial Crisis and Recovery: 2007–2009
In early 2007, UBS was one of the first big banks to announce large losses in the subprime mortgage market. This was at the beginning of the Subprime mortgage crisis. In May 2007, UBS closed its Dillon Read Capital Management division, which had caused significant losses.
UBS's problems continued into 2008, with more losses from mortgage investments. By this point, UBS's total losses in the mortgage market were over $37 billion, which was the largest among its competitors. To deal with these losses, UBS raised new money and received help from the Government of Singapore Investment Corporation and the Swiss Confederation. In October 2008, the Swiss National Bank and UBS agreed to move about $60 billion of hard-to-sell assets from UBS into a separate fund.
In February 2009, UBS announced it had lost nearly $17.2 billion in 2008, the biggest single-year loss in Swiss history. Since the start of the financial crisis in 2007, UBS had lost over $50 billion from subprime mortgage investments and cut more than 11,000 jobs. By mid-2009, UBS began to recover and announced plans to return to profitability.
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Focus on Private Banking: 2010–2022
In August 2010, UBS launched a new advertising campaign with the slogan "We will not rest." It also sponsored Formula One racing. UBS continued to make profits. In August 2011, UBS announced it would cut another 3,500 jobs to save money, mostly from its investment banking unit.
On September 15, 2011, UBS discovered a huge loss, estimated at $2 billion, due to unauthorized trading by a trader named Kweku Adoboli. He was arrested and charged with fraud. UBS's actual losses were later confirmed to be $2.3 billion. The CEO, Oswald Grübel, resigned, and Sergio Ermotti took over.
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In October 2012, UBS announced it would cut 10,000 jobs worldwide to make its investment banking operations smaller. This would reduce the total staff from 63,745 to 54,000. UBS also decided to focus its investment bank on its traditional strengths and leave much of its fixed income trading business. In December 2012, UBS was fined $1.5 billion for its role in the Libor scandal, where it was accused of trying to manipulate interest rates. In November 2014, UBS was fined again for currency manipulation.
By January 2014, UBS had become the largest private banker in the world, managing $1.7 trillion in assets. In late 2016, UBS created a digital currency called "Utility Settlement Coin" (USC) to make bank transactions faster. It also opened a blockchain technology research lab in London. From 2012 to 2018, the investment bank went through a major reorganization, firing over 10,000 employees and focusing on European business.
In April 2021, UBS reported a $774 million loss from the collapse of a U.S. investment fund called Archegos Capital Management. In July 2021, during the COVID-19 pandemic, UBS said it would continue to allow many employees to work from home, which was different from some other banks. In January 2022, UBS planned to buy a company called Wealthfront for $1.4 billion to grow its U.S. wealth management business, but this deal was later canceled.
Acquisition of Credit Suisse: 2023
In March 2023, UBS agreed to buy Credit Suisse, one of its main competitors, for $3.25 billion. This was an emergency deal arranged by the Swiss government to save Credit Suisse. On March 29, 2023, it was announced that Sergio Ermotti would return as CEO. UBS completed the acquisition on June 12, 2023.
UBS plans to cut more than half of Credit Suisse's employees, especially in London, New York, and some Asian offices. Before the takeover, Credit Suisse had about 45,000 employees. In July 2023, UBS was fined by the Federal Reserve and the Bank of England for Credit Suisse's risk management failures related to the Archegos collapse. In August 2023, UBS settled with the U.S. Justice Department, agreeing to pay $1.43 billion for past fraud allegations related to mortgage securities.
The new combined bank will be very large in Switzerland, handling a big portion of deposits, corporate loans, and mortgages. UBS will keep Credit Suisse's Swiss business but will stop using the Credit Suisse brand. UBS plans to cut costs by $10 billion. By September 2023, UBS had clearly benefited from the takeover, making a record profit of 29.2 billion Swiss francs.
How UBS Grew Through Mergers
UBS today is a result of many smaller companies joining together over time. Many of these companies started in the 1800s. Over the years, they merged to form the three main banks that came together to create UBS: Union Bank of Switzerland, Swiss Bank Corporation, and Paine Webber. Here's a simple look at how the company grew:
(Formed 1998 from merger of Union Bank of Switzerld & Swiss Bank Corp.) |
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Leadership at UBS
Current Leaders
- Chairman: Colm Kelleher (since April 2022)
- Chief Executive: Sergio Ermotti (since April 2023); this is his second time in this role.
Past Chairmen
- Mathis Cabiallavetta (1998)
- Alex Krauer (1998–2001)
- Marcel Ospel (2001–2008)
- Peter Kurer (2008–2009)
- Kaspar Villiger (2009–2012)
- Axel Weber (2012–2022)
Past Chief Executives
- Marcel Ospel (1998–2001)
- Peter Wuffli (2001–2007)
- Marcel Rohner (2007–2009)
- Oswald Grübel (2009–2011)
- Sergio Ermotti (2011–2020)
- Ralph Hamers (2020–2023)
The biggest shareholders of UBS include GIC Private Limited (a Singaporean investment fund) with 7.07% of shares, BlackRock Inc with 4.98%, and Norges Bank (Norway's central bank) with 3.30%. In 2008, during the financial crisis, GIC Private Limited invested a lot of money in UBS to help it recover, becoming the largest single shareholder.
Banking Secrecy at UBS
UBS often says that Swiss culture, known for privacy and neutrality, is a big part of its company. Banking secrecy started in Switzerland a long time ago. In 1934, Switzerland passed a law called the "Banking Law of 1934." This law makes it illegal to share client information with others. This was done to protect banks and their clients. UBS, then called Swiss Bank Corporation, received a lot of money from Europe for safekeeping during World War II. Many Swiss banking laws were created between 1934 and 2008 to make banking secrecy even stronger at UBS Switzerland AG. In 2018, Switzerland and its major banks, including UBS, were ranked first on the Financial Secrecy Index.
While UBS has very strict privacy rules in Switzerland, its rules in Europe and the United States are similar. In the U.S., the bank is not allowed to share client activities or information, even internally, because of rules from various financial authorities. UBS employees are not allowed to talk about client activities publicly or share information across borders. They must keep client information secure. In 2018, UBS operations in the U.S. were ranked second on the Financial Secrecy Index, right after UBS Switzerland AG. In the European Union, UBS also has strong banking secrecy policies in countries like Jersey, Austria, and Luxembourg.
Hidden Accounts and Vaults
UBS, like other Swiss banks, has ways to keep client assets and accounts private, sometimes called "hidden accounts" or "numbered bank accounts." These accounts are not truly hidden, but they limit who knows about the account to only the client and a few private bankers.
In 1997, a night guard at the Union Bank of Switzerland (before it became UBS) said that bank officials were destroying documents about money that might have belonged to victims of the Holocaust. This led to a lawsuit and a settlement where UBS and other Swiss banks paid money to Holocaust victims.
The Swiss government has taken steps to control how foreign clients use these private services, as they have sometimes been used to hide money. In May 2013, Switzerland said it would change some banking secrecy laws for UBS Switzerland AG. This would allow some client information to be shared with investigators, but only under very specific legal conditions.
UBS also owns and operates secret bank vaults and underground bunkers for storing gold bars, diamonds, cash, and other valuable items. The exact locations of these facilities are not public, but they are known to be in the Swiss Alps. These facilities are not subject to the same banking rules as regular banks and don't have to report their holdings to regulators. UBS has even bought former military bunkers to use as storage. Some of these bunkers can only be reached by aircraft.
In July 2013, UBS opened a gold storage facility in Singapore for very wealthy clients from Hong Kong, China, and Malaysia. These clients are willing to pay high fees for the highest level of secrecy and safety for their assets.
Tax Evasion Issues
The strict banking secrecy rules at UBS have sometimes been used to help people avoid or evade taxes in their home countries. UBS made agreements with the U.S. Internal Revenue Service (IRS) and the U.K. HM Revenue and Customs in 2009 and 2010. These agreements created a way for tax agencies to communicate with Swiss banks. However, Swiss law still says that banks can only share client information if a client is legally charged with deliberate financial fraud, not just for not reporting assets to avoid taxes.
UBS has had several disagreements with foreign governments over its banking privacy policies:
- In 2007, an employee named Bradley Birkenfeld said that UBS was breaking an agreement with the U.S. IRS by helping American clients. UBS was later told by the U.S. Federal Bureau of Investigation to stop providing private banking services to U.S. clients through its non-U.S. units.
- In 2012, the German government investigated UBS Deutschland AG for suspicious money transfers from Germany to Switzerland.
- In 2014, the French government started an investigation into UBS France for allegedly helping French taxpayers avoid taxes. The investigation estimated that €600 billion in tax income was lost to UBS-controlled offshore accounts. UBS said the French government was being "highly politicized."
In December 2021, a court in France found UBS guilty of "illegal banking activities," "money laundering," and "aggravated tax fraud." UBS was fined €1.8 billion and is appealing this decision.
Being a Responsible Company
In January 2010, UBS created a new code of conduct and business ethics for all employees. This code covered topics like financial crime, competition, privacy, human rights, and environmental issues. It also explained what would happen if employees broke the rules, like warnings or dismissal.
In 2011, UBS started using information from RepRisk, a company that specializes in environmental, social, and corporate governance (ESG) risks. This helps UBS avoid risks that could hurt its reputation or finances. It also helps the bank check new clients and partners.
In October 2019, UBS joined the UN's Global Investors for Sustainable Development Alliance (GISD). UBS promised to invest $5 billion in projects that have a positive social or environmental impact by the end of 2021.
New Ideas and Technology
Blockchain Technology
UBS has been quick to use blockchain technology in financial services. In April 2015, UBS opened an innovation lab in London to explore new ideas.
In August 2016, UBS announced it would work with other big banks like BNY Mellon and Deutsche Bank to promote its "Utility Settlement Coin" (USC). The USC is a digital currency based on blockchain that banks could use to make transactions faster.
Artificial Intelligence
In 2018, UBS digitally copied Daniel Kalt, one of its chief economists. An AI expert company created an interactive digital version of Kalt that can meet with clients through a TV screen. Clients can ask questions and get answers, thanks to IBM's Watson AI technology.
Awards and Recognition
UBS has received many awards over the years.
- In 2006, it was named one of the "100 Best Companies for Working Mothers" in the U.S.
- It is part of the Stonewall Diversity Champions scheme and has groups for gay and lesbian, ethnic minority, and women employees.
- In 2008, Business Week magazine listed UBS as one of "The Best Places to Launch a Career."
- From 2010 to 2019, UBS was often ranked as a top brokerage firm for equity research in Europe.
- From 2013 to 2018, UBS Wealth Management was voted the "Best Global Private Bank" by Professional Wealth Management. It also won "Best Private Bank in Asia" for several years.
- In 2014, UBS received Euromoney's Awards for Excellence as the "Best global bank" and "Best Bank in Switzerland."
- In 2018, RobecoSAM, a group focused on Sustainability Investing, named UBS a leader in "Diversified Financials" for its efforts in sustainable investing and environmental policies.
- In 2019, Universum Global Survey listed UBS as one of the "Top 5 World's Most Attractive Employers."
Sponsorships
Sports
UBS sponsors many sports events, including golf tournaments, cross-country skiing in Switzerland, and ice hockey. It was also a sponsor of the Alinghi sailing ship, which won the Americas Cup in 2003.
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Culture
UBS also sponsors classical music and modern art events, as well as film and music festivals. It supported the Guggenheim UBS MAP Global Art Initiative, which helped artists from South and Southeast Asia, Latin America, and the Middle East and North Africa.
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Naming Rights
UBS currently has the naming rights for UBS Arena, which is the home of the New York Islanders hockey team.
Images for kids
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UBS Logo
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UBS Headquarters in Zürich
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UBS Investment Bank's Offices in New York City
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UBS U.S. wealth management headquarters in Weehawken, New Jersey
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UBS Tower in Chicago
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UBS Investment Bank's former offices in Stamford, Connecticut
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UBS and Credit Suisse branches in Zurich
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Swiss Bank Corporation logo (c. 1973)
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The Basel offices of Swiss Bank Corporation c.1920
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Basler Bankverein Prospectus (1872)
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The St. Gallen, Switzerland, offices of Swiss Bank Corporation c.1920
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1966 Union Bank of Switzerland logo
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Bank in Winterthur, est. 1862
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Toggenburger Bank, est. 1863
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Bahnhofstrasse in Zürich, where Union Bank of Switzerland opened its headquarters in 1917
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UBS Building, New York City
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UBS PaineWebber logo (2001-2003)
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UBS Warburg logo (1999-2003)
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UBS Financial Services in Frankfurt, 2012
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UBS building on Avenue of the Americas in Midtown Manhattan
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Protestors outside of UBS's Zürich headquarters, 2009
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UBS world headquarters in Zürich's Paradeplatz
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A UBS retail bank for private wealth management in St. Gallen, Switzerland
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UBS Europe SE Headquarters in Frankfurt am Main, Germany
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An entrance to a UBS Wealth Management office in Milan, Italy
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The French supreme court, Cour de Cassation, ruled against UBS in their 2014 appeal of tax evasion
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The largest UBS operations across Switzerland
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In Spanish: UBS para niños
- Banking in Switzerland
- Systemically important financial institution
- Swiss Financial Market Supervisory Authority
- UBS 100 Index
- UBS Securities, China branch
