UBS Ranks Second To Citi Despite Fall In FX Revenues

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BASEL--UBS has dislodged HSBC Holdings as the second largest international FX bank at the full-year stage, however, it has failed to realise its potential to rival CitiGroup for the lion's share of the market.

The bank recently reported income from foreign exchange and bank notes for 1998 of CHF1.765 billion ($1.285 billion), off 23 per cent from the CHF2.276 billion ($1.557 billion) combined FX revenues of the former Union Bank of Switzerland and Swiss Bank Corp (SBC) last year (FXW, March 1