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Swiss financial services company UBS will offload its private bank in Australia owing to under performing business

Swiss global financial services company UBS, with headquarters in Basel and Zurich, is looking to offload its private bank in Australia to the unit’s management, post taking stock of under performing businesses at Swiss bank. This is in contrast with the bank’s expansionary plans in the broader Asia-Pacific region, which is at 15 percent annually as it goes about building its presence in China. The withdrawal however will not affect UBS’s existing investment banking and asset management activities in Australia.

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Australia, China,UBS