UBS beats off rebel

THE management of major Swiss bank, Union Bank of Switzerland (UBS) won its stockholders' support at its general meeting last night, as expected, despite opposition by the bank's major stockholder, Mr Martin Ebner.

The stockholders approved the election of Mr Robert Studer to be the chairman of the board of directors by an absolute majority, replacing Mr Nikolaus Senn, who is retiring.

The market had expected the decision in the wake of emotions stemming from Credit Suisse Holding's proposal of a merger with UBS and from the latter's refusal.