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UBS certain will be independent in 2 years- report

ZURICH
Mon Aug 18, 2008 8:01am EDT

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ZURICH (Reuters) - UBS AG's (UBSN.VX) chairman is sure the troubled Swiss bank will still be independent in two years' time, according to an interview published on Saturday.

"I am certain about that," Peter Kurer told Swiss newspaper Basler Zeitung.

"We have now laid the foundation for a new future. The risks have been reduced, costs lowered, strategy changed, the management board renewed, managers replaced," Kurer said.

UBS is Europe's hardest hit victim of the credit crisis having written down some $42 billion of investments.

It said this week it will separate its troubled investment bank from its prized wealth management arm [nLB144790].

"We are tackling our problems with great speed and we will come out of the crisis successfully," Kurer said.

(Reporting by Sam Cage; Editing by Gerrard Raven)


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