UBS UBS Group AG

   By Robb M. Stewart 
 

MELBOURNE, Australia--UBS AG plans to withdraw from its Australian wealth-management business following a review of the operation, the Swiss bank said Tuesday.

Alain Robert, global vice-chairman of wealth management at UBS, in a statement said the wealth-management industry was experiencing substantial changes due to increased regulatory and client requirements that had made it increasingly difficult to operate on a sustainable basis in Australia.

Still, UBS said Australia remained of strategic importance for the bank, which plans to continue investing in its investment banking and asset management businesses in the country.

Write to Robb M. Stewart at robb.stewart@wsj.com

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