Swiss Banking News: January 2007

05.01.2007 New international regulations have been welcomed by Swiss banks and businesses. The regulations came into force on January 1, 2007, governing the way bankers measure and cover financial risks. According to reports, there were fears that the Basel II framework could disadvantage smaller banks and small and medium-sized enterprises could find it more difficult to obtain credit. The Swiss Bankers Association says the new changes are fair for banks of different size and believes they should cancel any possible negative impact that Basel II may have on credit supply.The Association does not expect a credit crunch or loans becoming much more expensive in Switzerland.

08.01.2007 Today, 8 January 2007, UBS announced the receipt of approval from the Ministry of Finance to offer banking services in Mexico and intends to begin operating in the 1st quarter of 2007. In the beginning, the bank will offer cash, foreign exchange and debt products to institutional investors in Mexico. and, in future, additional products and services might be offered to both institutional and individual clients. For UBS, this license is a significant step as operations in Mexico is an integral component of bank's expansion into Latin America.