By Robb M. Stewart
MELBOURNE, Australia-- UBS AG has launched a review of its
Australian wealth-management business, the chief executive of the
Swiss bank's wealth-management division confirmed.
Jürg Zeltner's comments to The Wall Street Journal follow an
article in the Australian Financial Review which, citing unnamed
sources, said the Australian unit could be sold before the end of
the year.
"No decision has been taken," Mr. Zeltner said in an email to
The Journal.
UBS in February posted a slight increase in fourth-quarter
profit, thanks in part to a tax gain, but warned that if the Swiss
franc's increased value persists it could put pressure on
profitability and performance targets.
In Australia, UBS offers clients wealth-management, investment
banking and asset management services.
Write to Robb M. Stewart at robb.stewart@wsj.com
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