Bloomberg -- UBS AG, the Swiss lender thats shrinking its investment banking business to focus on wealth management, said it has a business relationship with as many as eight out of 10 billionaires in Asia.
We have a penetration of one in two billionaires in the world, Chief Executive Officer Sergio Ermotti told analysts and reporters on a call after second-quarter earnings today. In Asia, this was much deeper. The Zurich-based bank has a relationship with as many as 80 percent of the billionaires in Asia, a UBS official said in an e-mail following the call.
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