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UBS inks deal with Bank of China

UBS inks deal with Bank of China

(28 September 2005 – China) UBS has signed a strategic cooperation deal with Bank of China which will see the Swiss investment bank sink US$500 million into BOC. "We regard this agreement as a natural development of our long term relationship with Bank of China," UBS chief executive Peter Wuffli said.

"The combination of Bank of China’s brand, distribution and customer base with UBS’s products, services and experience will be powerful," he said.

UBS has worked with BOC in various investment banking and related securities business for some time and the two parties will cooperate in operational matters relating to these businesses under the new arrangement.

The deal still has to be rubber stamped by the regulatory body in China.

UBS said the arrangement was part of its plan to pursue a number of ventures in China.

UBS is also one of the co-managers of BOC’s US$4 billion share market listing, expected to occur in mid 2006.

In August, Royal Bank of Scotland acquired a 10 percent stake in BOC for US$1.6 billion.
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