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UBS shares rise on HSBC merger talks

HSBC is reportedly considering bidding for embattled Swiss bank UBS' operations in America, sending UBS' shares shooting over 4%.

The rumour mill is churning that the global investment bank may seek to buy UBS' US-based business. This mainly consists of Paine Webber, the US broker and asset manager acquired by the Swiss bank in 2000 for $620m (€422m).

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