Vodafone has left out UBS Warburg from the syndicate of six banks arranging a €3.5bn ($3.41 bn) loan to partly finance Vodafone's acquisition of French operator Cegetel, despite the fact that Swiss bank is advising it on the €13.1bn deal.

UBS Warburg was unable to comment. According to press reports, the two companies were said to be at odds last month after the Swiss bank downgraded Vodafone's stock rating in a note to clients.