UBS wraps up PaineWebber takeover
Switzerland's biggest bank, UBS, said on Monday that it had completed its merger with the United States investment bank, PaineWebber, in a deal worth SFr20.8 billion ($11.8 billion.)
The agreement went through on schedule last Friday.
"I am pleased with the speedy and successful completion of the merger," said President and Chief Executive Officer, Marcel Ospel. "The smoothness with which it has been accomplished means we can now concentrate on rapid value creation for our employees, clients and shareholders."
PaineWebber brings UBS an extra 2.7 million clients and increases its funds under management by SFr865 billion.
A UBS statement said that PaineWebber should be fully integrated into its investment arm, UBS Warburg, by the end of the year.
UBS Warburg will have a workforce of 39,000, with 28,000 employees in the US.
The statement said that the combination of PaineWebber's market position in the U.S with UBS's portfolio of services meant great potential for growth.
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