graphic
News > Companies
Warburg Dillon Read sale?
October 8, 1998: 6:07 a.m. ET

Report: UBS may be reviewing future of investment banking division
graphic
graphic graphic
graphic
LONDON (CNNfn) - Swiss bank UBS is considering the future of investment banking division Warburg Dillon Read, according to press reports Thursday.
     The Financial Times reports Thursday that UBS executives, who had been examining ways of better integrating Warburg Dillon Read into the rest of the bank, have widened their investigation.
     It's said the options being examined include the disposal or partial sale of the unit.
     UBS shares have been among the worst performers in Europe recently, following revelations of its exposure to collapsed hedge fund LTCM.
     The debacle cost UBS 950 million francs ($425 million), and led to the resignation of chairman Mathis Cabiallavetta and several other top executives.
     The Financial Times reports the review of WDR's future could be finished by the first quarter of 1999.
     Options for the bank are said to include: selling the division entirely or bringing in another partner. WDR could also be sold to its management, or floated as an independent player.
     UBS told Reuters Thursday that it "is still committed to four divisions including Warburg Dillon Read. Dealers in Zurich said a sale of WDR looked unlikely.
     In early morning trade UBS shares were down 0.5 francs at 304, roughly in line with the decline in the Swiss market.Back to top

  RELATED STORIES

ReliaStar takes a hedge hit - Oct. 6, 1998

Smaller deal, smaller loss - Oct. 5, 1998

  RELATED SITES

UBS


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.