Swiss Banking News: July 2006

27.07.2006 UBS Global Asset Management announced its plans to enter into a stock purchase agreement with Daehan Investment & Securities Company (DI&S) in order to purchase Daehan Investment Management Trust Company. Daehan Investment Management Trust Company (DIMCO) is Korea's largest asset management company. DIMCO will be called Hana UBS Asset Management in Korea and UBS Hana Asset Management Company Ltd internationally. UBS Global Asset Management will pay 193.4 million Swiss francs for its stake immediately and a maximum 38.7 million Swiss francs earn-out over the next 3 years. UBS will hold a 51% stake in the company.

19.07.2006 UBS announced receiving a banking licence from the Central Bank of Russia. This is a significant step in the development of UBS's Russian businesses. Now the bank can expand its businesses in Russia and to fully develop further business opportunities in this growing market. UBS has been working in the Russian market for 10 years. It opened a representative office in Moscow in 1996 and entered in a joint venture with Brunswick in 1997. In 2004, UBS purchased the remaining stake in the joint venture, and re-branded the business as UBS in 2005.

07.07.2006 UBS, Credit Suisse Group and Allianz hope to capitalize on US institutional investors who are actively looking to buy into funds invested outside the USA. Much new money from the USA is going into funds that invest in the Middle East and in Asia, and the world leaders could capitalize on that. UBS, Credit Suisse Group and Allianz are three of the largest fund managers in the world - the 1st, 2nd and 7th largest, respectively.