3 Mar 2009

UBS denies report of NZ pullout

12:32 pm on 3 March 2009

The Swiss investment bank UBS is denying a report that it is considering withdrawing from New Zealand.

A spokesperson says UBS is committed to New Zealand and she is unaware of any plans to significantly change its business in this country.

Caroline Gurney, who is the banks marketing and communications manager in Sydney says the New Zealand operation is a small team, which has picked up new business.

UBS worldwide has been hit by huge losses from bad loans and investments.