UBS closes

Swiss merchant bank UBS has closed its branch in Lisbon.

The bank is pulling out of the Portuguese market after only two-and-half years.

UBS, which is one of the largest banks in the world, has 76,000 staff in 50 countries worldwide. But the world financial crisis has hit the bank badly leading to billions of euros in losses and the decision by its Executive President, Oswald Gruber, to announce the axing of 8,700 jobs across the board by 2010.

Contacted by Lusa news agency, the UBS Press Office in London said it could not yet say how many jobs would be affected in the Portuguese market.