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SWITZERLAND: UBS merges Islamic banking arm.
(From Private Banker International)
UBS is to absorb its Islamic banking unit, based in the Gulf, into its main wealth operations in order to offer Sharia-compliant financial products worldwide. Services by UBS's Noriba subsidiary in Bahrain will be transferred to its wealth management and investment banking divisions at the end of the year.
UBS explained that its clients preferred to deal directly with the bank …
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