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UBS diverts deposits to cut Basel III costs

Banks moving rich clients' cash to structured notes and SPVs

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Postal Savings Bank of China Co, which has the most outlets of any lender in the nation, is nearing an agreement to raise more than US$6.5 billion from investors including UBS Group AG and Temasek Holdings Pte ahead of a planned initial public offering, people familiar with the matter said.

Hong Kong

UBS GROUP has shifted more than US$5 billion of riskier Asia-Pacific deposits into alternative cash investments as new rules raise the cost of holding them.

The world's largest manager of millionaires' money has helped some clients such as hedge funds move their cash into