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UBS: We’re not selling to Wells Fargo

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UBS AG denied speculation that it may sell its U.S. wealth management unit to Wells Fargo & Co., saying the unit remains an “important part” of the Swiss bank, Bloomberg reported. Robert McCann, head of UBS’ wealth management Americas unit, said he has not been part of any meeting with Wells Fargo. An acquisition of UBS’s U.S. wealth management unit would be “one of the best fits” for Wells Fargo to expand its business, Keefe, Bruyette & Woods analysts said in a note on May 13.