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Article: As Utah's Banks Criticize CUs, New Competitor Enters.(UBS PaineWebber)
- Article from:
- Credit Union Journal
- Article date:
- March 10, 2003
- Author:
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Utah's bankers have more than credit unions to worry about as competitors.
Joining several of its U.S. investment bank and asset management rivals, a unit of Switzerland's UBS AG has applied to the State of Utah for an industrial loan corporation license. Pending approval from Utah's Department of Financial Institutions and the Federal Deposit Insurance Corp. on a related application, the industrial loan charter would allow the Zurich company to accept federally insured deposits from its U.S. customers-a first for UBS.
The filing, which the state accepted Feb. 21, was made mostly on behalf of UBS PaineWebber, the company's U.S. broker-dealer and ...