Granting of the transfer of the banking licence of Swiss Bank Corporation to UBS AG and revocation of the banking licence of Union Bank of Switzerland

A spokesman of the Hong Kong Monetary Authority ("HKMA") said today (30 June 1998) that the HKMA had granted the transfer of the banking licence of Swiss Bank Corporation to UBS AG under the Banking Ordinance.

UBS AG, a new banking entity, was formed for the purposes of merging Swiss Bank Corporation and Union Bank of Switzerland. The merger was effected by transferring all the assets and liabilities of the two banks to UBS AG on 27 June 1998 and 29 June 1998 respectively.

UBS AG is incorporated in Switzerland and under the direct supervision of the Swiss Federal Banking Commission.

As a result of the merger, the banking licence of Union Bank of Switzerland was revoked on 30 June 1998.

Hong Kong Monetary Authority
30 June 1998