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UBS discloses tax deal consequences

Swiss bank UBS has reported that SFr15-SFr40 billion ($15.2-$40.7 billion) of client assets could be affected by new tax accords Bern has made with other countries.

At the same time, UBS confirmed its medium-term goals, saying it remained on course to reach an annual pre-tax profit of SFr15 billion.

UBS has launched a large advertising campaign as it tries to win back clients who left the bank after it wrote down more than SFr50 billion on toxic assets in the credit crisis in the United States and was the target of a damaging US tax investigation.

“We believe that we are on track with the transformation of our business and we confirm our medium-term targets outlined last year,” said chief executive Oswald Grübel.

The SFr15-SFr40 billion UBS said could be affected by the tax deals with other countries compares with the SFr960 billion in total invested assets at the end of 2009.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR