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UBS AG (0KZH)

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Friday 16 May, 2003

UBS AG

Acquisition

UBS AG
16 May 2003

Investor release                       16 May 2003


For immediate release

UBS (France) S.A. acquires French wealth management business from Lloyds TSB

Zurich/Basel/Paris, 16 May 2003 - UBS today signed an agreement to acquire
Lloyds Bank S.A., the French wealth management business of the British bank
Lloyds TSB, for an undisclosed price. Lloyds Bank S.A. serves wealthy private
clients in the French market, focusing primarily on the high net worth and core
affluent segments, and is therefore a strategic fit. This acquisition
strengthens UBS (France) S.A.'s presence in France. Lloyds Bank S.A., which
employs 80 people, manages around EUR 1bn in invested assets and has offices in
Paris, Lyons and Cannes. It significantly increases the number of UBS clients in
France. The transaction is subject to regulatory approval and is expected to be
completed by the end of June 2003. Upon completion, the legal entity of Lloyds
Bank S.A. will be renamed UBS Wealth Management (France) S.A.

Jean-Louis de Montesquiou, President of the Executive Board of UBS (France)
S.A., comments: 'Both clients and client advisors will benefit from the
experience, know-how and substantial resources that UBS can bring to bear.
Wealth management is core to UBS, hence we are a reliable and experienced
partner for our clients in France. We are in a position to offer high-quality
tailored advice and best-in-class products in all areas of wealth management.
Our clients in France have access to a global investment platform and we offer
them a comprehensive range of solutions to meet their needs.'

UBS (France) S.A. launched its wealth management activities for high-net-worth
private clients in Paris on 1 June 1999. Further offices followed in Lyons,
Marseilles, Bordeaux, Nantes, Strasbourg and Lille. UBS (France) S.A. currently
employs 250 people.

UBS is a leading financial services group with 69,000 employees around the
world, providing a comprehensive range of services for private, corporate and
institutional clients. UBS is represented in all of the world's key financial
centres.

The European wealth management business is an important strategic focus for UBS.
The bank's range of products and services, based on an open-architecture
approach, is carefully adapted to fit the specific tax and legal requirements in
each jurisdiction and the varying demands of clients in its various markets. 

UBS

For further information, please contact:
Jean-Louis de Montesquiou, UBS (France) S.A. tel.: +33 (0)1 44 56 46 03
Investor Relations, UBS AG                   tel.:+41 (0)1 234 4100



                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                        

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