Union Bank Of Switzerland Denies Rumours Of Heavy Trading Losses


SHAREHOLDERS in Union Bank of Switzerland (UBS) and Swiss Bank Corporation (SBC) last week voted in favour of plans to merge the two companies. But the vote was overshadowed by market rumours of heavy derivatives trading losses at UBS -- allegations that have been vehemently denied by the bank.

UBS released its statement early last week, following press reports claiming that derivatives losses had impacted its merger negotiations with SBC. The bank says its trading losses for 1997 were confined

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