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<title>UBS Research: Banks</title>
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<pubDate>Wed, 10 Feb 2010</pubDate>
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<item>
<title><![CDATA[Commerce Bancshares "Upgrading to Buy" (Buy) Penala]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86101|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Americas Banks</li><br><li>US Banks</li><br><li>Americas Financial</li><br><li>US Financial</li><br><li>US Banks, Ex-S&amp;L</li><br><li>Americas Banks, Ex-S&amp;L</li><br><li>North American Banks, Ex-S&amp;L</li><br><li>North American Banks</li><br><li>North American Financial</li><br></ul><br><em>Companies</em><br><ul><li>CBSH.O Commerce Bancshares</li><br></ul><br><em>Subjects</em><br><ul><li>Change in Recommendation</li><br><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Erika Penala</author>
<category>CBSH.O</category>
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<pubDate>Wed, 10 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Trustmark "Above-Peer Fundamentals Priced In" (Neutral) Penala]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86121|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Americas Banks</li><br><li>US Banks</li><br><li>Americas Financial</li><br><li>US Financial</li><br><li>US Banks, Ex-S&amp;L</li><br><li>Americas Banks, Ex-S&amp;L</li><br><li>North American Banks, Ex-S&amp;L</li><br><li>North American Banks</li><br><li>North American Financial</li><br></ul><br><em>Companies</em><br><ul><li>TRMK.O Trustmark</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Initiating Coverage</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Erika Penala</author>
<category>TRMK.O</category>
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<pubDate>Wed, 10 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[ING BSK "Upgrading the stock to Neutral" (Neutral) Walkowicz]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72974|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Poland</li><br><li>EMEA Emerging</li><br><li>UBSW EMEA</li><br><li>Emerging Markets</li><br><li>CE Europe</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Polish Banks</li><br><li>EMEA Emerging Banks</li><br><li>EMEA Emerging Financial</li><br><li>Global Financial</li><br><li>Polish Financial</li><br><li>Polish Banks, Ex-S&amp;L</li><br><li>EMEA Emerging Banks, Ex-S&amp;L</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Global Emerging Banks, Ex-S&amp;L</li><br><li>Global Emerging Banks</li><br><li>Global Emerging Financial</li><br><li>CE Europe Banks, Ex-S&amp;L</li><br><li>CE Europe Banks</li><br><li>CE Europe Financial</li><br></ul><br><em>Companies</em><br><ul><li>SLAS.WA ING BSK</li><br></ul><br><em>Subjects</em><br><ul><li>Change in Recommendation</li><br><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Tomasz Walkowicz</author>
<category>SLAS.WA</category>
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<pubDate>Wed, 10 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Swedbank "Provision rebound no longer enough" (Sell) Davey]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72977|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>Global</li><br><li>Sweden</li><br><li>Nordic</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>European Banks</li><br><li>European Ex. UK Banks</li><br><li>Global Banks</li><br><li>Swedish Banks</li><br><li>European Financial</li><br><li>European Ex. UK Financial</li><br><li>Global Financial</li><br><li>Swedish Financial</li><br><li>Swedish Banks, Ex-S&amp;L</li><br><li>European Banks, Ex-S&amp;L</li><br><li>European Ex. UK Banks, Ex-S&amp;L</li><br><li>Nordic Banks, Ex-S&amp;L</li><br><li>Nordic Banks</li><br><li>Nordic Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Companies</em><br><ul><li>SWEDa.ST Swedbank</li><br></ul><br><em>Subjects</em><br><ul><li>Market Strategy / Comment</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Nick Davey</author>
<category>SWEDa.ST</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Malayan Banking "Earnings potential shines through" (Buy) Rifaie]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53885|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Emerging Markets</li><br><li>Asia</li><br><li>Malaysia</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br><li>Asia Emerging</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Asian Banks</li><br><li>Malaysian Banks</li><br><li>Asian Financial</li><br><li>Malaysian Financial</li><br><li>Malaysian Banks, Ex-S&amp;L</li><br><li>Asian Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks</li><br><li>Asian Pacific Financial</li><br><li>Asian Pacific Ex. JP Banks, Ex-S&amp;L</li><br><li>Asian Pacific Ex. JP Banks</li><br><li>Asian Pacific Ex. JP Financial</li><br><li>Asia Emerging Banks, Ex-S&amp;L</li><br><li>Asia Emerging Banks</li><br><li>Asia Emerging Financial</li><br></ul><br><em>Companies</em><br><ul><li>MBBM.KL Malayan Banking</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Khairul Rifaie</author>
<category>MBBM.KL</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[BRE "Mixed Q4 09 result" (Sell) Walkowicz]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72964|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Poland</li><br><li>EMEA Emerging</li><br><li>UBSW EMEA</li><br><li>Emerging Markets</li><br><li>CE Europe</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Polish Banks</li><br><li>EMEA Emerging Banks</li><br><li>EMEA Emerging Financial</li><br><li>Global Financial</li><br><li>Polish Financial</li><br><li>Polish Banks, Ex-S&amp;L</li><br><li>EMEA Emerging Banks, Ex-S&amp;L</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Global Emerging Banks, Ex-S&amp;L</li><br><li>Global Emerging Banks</li><br><li>Global Emerging Financial</li><br><li>CE Europe Banks, Ex-S&amp;L</li><br><li>CE Europe Banks</li><br><li>CE Europe Financial</li><br></ul><br><em>Companies</em><br><ul><li>BREP.WA BRE</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Tomasz Walkowicz</author>
<category>BREP.WA</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Global Bank Valuations 9-Feb-2010]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72962|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Global Financial</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br></ul>]]></description>
<author>Philip Finch</author>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Global Bank Valuations 9-Feb-2010]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72961|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Global Financial</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br></ul>]]></description>
<author>Philip Finch</author>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Macquarie Group "A more integrated strategy" (Neutral) Mott]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet12053|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br><li>Australia</li><br><li>Australasia</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks</li><br><li>Asian Pacific Financial</li><br><li>Asian Pacific Ex. JP Banks, Ex-S&amp;L</li><br><li>Asian Pacific Ex. JP Banks</li><br><li>Asian Pacific Ex. JP Financial</li><br><li>Australian Banks</li><br><li>Australian Financial</li><br><li>Australian Banks, Ex-S&amp;L</li><br><li>Australasian Banks, Ex-S&amp;L</li><br><li>Australasian Banks</li><br><li>Australasian Financial</li><br></ul><br><em>Companies</em><br><ul><li>MQG.AX Macquarie Group</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Jonathan Mott</author>
<category>MQG.AX</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Q-Series: Asian Banks "Basel III-unintended consequences? [EXTRACT]"]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53874|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Asia</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Asian Banks</li><br><li>Asian Financial</li><br><li>Asian Pacific Banks</li><br></ul><br><em>Companies</em><br><ul><li>BBL.BK Bangkok Bank</li><br><li>DBSM.SI DBS Group Holdings</li><br><li>0023.HK Bank of East Asia</li><br><li>SBI.BO State Bank of India</li><br><li>2887.TW Taishin FHC</li><br><li>2388.HK BOCHK</li><br><li>BBRI.JK BRI</li><br><li>NAB.AX National Aust. Bank</li><br><li>8411.T Mizuho FG</li><br><li>1398.HK ICBC</li><br><li>3968.HK CMB</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andy Brown, CFA</author>
<category>BBL.BK</category>
<category>DBSM.SI</category>
<category>0023.HK</category>
<category>SBI.BO</category>
<category>2887.TW</category>
<category>2388.HK</category>
<category>BBRI.JK</category>
<category>NAB.AX</category>
<category>8411.T</category>
<category>1398.HK</category>
<category>3968.HK</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Dexia "A key step forward" (Buy) Fall]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72927|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Belgium</li><br><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>Belgian Banks</li><br><li>European Banks</li><br><li>European Ex. UK Banks</li><br><li>Global Banks</li><br><li>Belgian Financial</li><br><li>European Financial</li><br><li>European Ex. UK Financial</li><br><li>Global Financial</li><br><li>Belgian Banks, Ex-S&amp;L</li><br><li>European Banks, Ex-S&amp;L</li><br><li>European Ex. UK Banks, Ex-S&amp;L</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Companies</em><br><ul><li>DEXI.BR Dexia</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Omar Fall</author>
<category>DEXI.BR</category>
<guid isPermaLink="false">http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72927|native|public|20100209055059</guid>
<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Q-Series: Asian Banks "Basel III-unintended consequences?" 09-Feb-2010 Brown]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53872|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Asia</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Asian Banks</li><br><li>Asian Financial</li><br><li>Asian Pacific Banks</li><br></ul><br><em>Companies</em><br><ul><li>BBL.BK Bangkok Bank</li><br><li>DBSM.SI DBS Group Holdings</li><br><li>0023.HK Bank of East Asia</li><br><li>SBI.BO State Bank of India</li><br><li>2887.TW Taishin FHC</li><br><li>2388.HK BOCHK</li><br><li>BBRI.JK BRI</li><br><li>NAB.AX National Aust. Bank</li><br><li>8411.T Mizuho FG</li><br><li>1398.HK ICBC</li><br><li>3968.HK CMB</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br></ul>]]></description>
<author>Andy Brown, CFA</author>
<category>BBL.BK</category>
<category>DBSM.SI</category>
<category>0023.HK</category>
<category>SBI.BO</category>
<category>2887.TW</category>
<category>2388.HK</category>
<category>BBRI.JK</category>
<category>NAB.AX</category>
<category>8411.T</category>
<category>1398.HK</category>
<category>3968.HK</category>
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<pubDate>Tue, 9 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[First Read: Korea Banks "It's Kumho again, but"" 08-Feb-2010 Lee]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53849|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Emerging Markets</li><br><li>Asia</li><br><li>Korea</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br><li>Asia Emerging</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Asian Banks</li><br><li>Korean Banks</li><br><li>Asian Financial</li><br><li>Korean Financial</li><br><li>Korean Banks, Ex-S&amp;L</li><br><li>Asian Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks</li><br><li>Asian Pacific Financial</li><br><li>Asian Pacific Ex. JP Banks, Ex-S&amp;L</li><br><li>Asian Pacific Ex. JP Banks</li><br><li>Asian Pacific Ex. JP Financial</li><br><li>Asia Emerging Banks, Ex-S&amp;L</li><br><li>Asia Emerging Banks</li><br><li>Asia Emerging Financial</li><br></ul><br><em>Companies</em><br><ul><li>055550.KS Shinhan FG</li><br><li>086790.KS Hana Financial Group</li><br><li>004940.KS Korea Exchange Bank</li><br><li>105560.KS KB Financial Group</li><br><li>053000.KS Woori FH</li><br><li>024110.KS IBK</li><br><li>005280.KS Busan Bank</li><br><li>005270.KS Daegu Bank</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Scott Lee</author>
<category>055550.KS</category>
<category>086790.KS</category>
<category>004940.KS</category>
<category>105560.KS</category>
<category>053000.KS</category>
<category>024110.KS</category>
<category>005280.KS</category>
<category>005270.KS</category>
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<pubDate>Mon, 8 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[AMMB Holdings "No positive surprises: reiterate Sell" (Sell) Rifaie]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53848|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Emerging Markets</li><br><li>Asia</li><br><li>Malaysia</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br><li>Asia Emerging</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Asian Banks</li><br><li>Malaysian Banks</li><br><li>Asian Financial</li><br><li>Malaysian Financial</li><br><li>Malaysian Banks, Ex-S&amp;L</li><br><li>Asian Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks</li><br><li>Asian Pacific Financial</li><br><li>Asian Pacific Ex. JP Banks, Ex-S&amp;L</li><br><li>Asian Pacific Ex. JP Banks</li><br><li>Asian Pacific Ex. JP Financial</li><br><li>Asia Emerging Banks, Ex-S&amp;L</li><br><li>Asia Emerging Banks</li><br><li>Asia Emerging Financial</li><br></ul><br><em>Companies</em><br><ul><li>AMMB.KL AMMB Holdings</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Khairul Rifaie</author>
<category>AMMB.KL</category>
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<pubDate>Mon, 8 Feb 2010</pubDate>
</item>
<item>
<title><![CDATA[Asia Financials "Alpha Preferences" 08-Feb-2010 Brown]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53846|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Asia</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Financial</li><br><li>Asian Banks</li><br><li>Asian Financial</li><br></ul><br><em>Companies</em><br><ul><li>0023.HK Bank of East Asia</li><br><li>055550.KS Shinhan FG</li><br><li>SBI.BO State Bank of India</li><br><li>0388.HK HKEx</li><br><li>2388.HK BOCHK</li><br><li>BBRI.JK BRI</li><br><li>2318.HK Ping An Insurance</li><br><li>3988.HK Bank of China</li><br><li>3968.HK CMB</li><br><li>2601.HK CPIC - H</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Market Strategy / Comment</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andy Brown, CFA</author>
<category>0023.HK</category>
<category>055550.KS</category>
<category>SBI.BO</category>
<category>0388.HK</category>
<category>2388.HK</category>
<category>BBRI.JK</category>
<category>2318.HK</category>
<category>3988.HK</category>
<category>3968.HK</category>
<category>2601.HK</category>
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<title><![CDATA[Global Bank Valuations 8-Feb-2010]]></title>
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<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Global Financial</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br></ul>]]></description>
<author>Philip Finch</author>
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<pubDate>Mon, 8 Feb 2010</pubDate>
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<item>
<title><![CDATA[Global Bank Valuations 8-Feb-2010]]></title>
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<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Global Financial</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br></ul>]]></description>
<author>Philip Finch</author>
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<pubDate>Mon, 8 Feb 2010</pubDate>
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<item>
<title><![CDATA[European Banks - Strategy Update "Strategy update" 08-Feb-2010 Crutchley]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72836|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>European Banks</li><br><li>Global Banks</li><br><li>European Financial</li><br><li>Global Financial</li><br></ul><br><em>Companies</em><br><ul><li>BARC.L Barclays</li><br><li>KBC.BR KBC</li><br><li>CSGN.VX CS Group</li><br><li>CBKG.DE Commerzbank</li><br><li>DBKGn.DE Deutsche Bank</li><br><li>DANSKE.CO Danske</li><br><li>BKT.MC Bankinter</li><br><li>BBVA.MC BBVA</li><br><li>POP.MC Banco Popular</li><br><li>SAN.MC Santander</li><br><li>SOGN.PA Soc Gen</li><br><li>ACBr.AT Alpha Bank</li><br><li>HSBA.L HSBC</li><br><li>CRDI.MI UniCredit</li><br><li>ISP.MI Intesa SanPaolo</li><br><li>LLOY.L Lloyds Banking Group</li><br><li>DNBNOR.OL DnB Nor</li><br><li>RBS.L RBS Group</li><br><li>SEBa.ST SEB</li><br><li>SHBa.ST SHB</li><br><li>STAN.L Standard Chart.</li><br><li>SWEDa.ST Swedbank</li><br><li>DEXI.BR Dexia</li><br><li>NBGr.AT NBG</li><br><li>PMII.MI BPM</li><br><li>ERST.VI Erste Bank</li><br><li>BOPr.AT Piraeus Bank</li><br><li>EFGr.AT Eurobank</li><br><li>CAGR.PA CASA</li><br><li>BNPP.PA BNP Paribas</li><br><li>NDA.ST Nordea</li><br><li>SABE.MC Banco de Sabadell</li><br><li>DPBGn.DE Postbank</li><br><li>AGBr.AT Agricultural Bank</li><br><li>RIBH.VI Raiffeisen Intl Bank</li><br><li>MRBr.AT Marfin Popular Bank</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Market Strategy / Comment</li><br></ul>]]></description>
<author>John-Paul Crutchley</author>
<category>BARC.L</category>
<category>KBC.BR</category>
<category>CSGN.VX</category>
<category>CBKG.DE</category>
<category>DBKGn.DE</category>
<category>DANSKE.CO</category>
<category>BKT.MC</category>
<category>BBVA.MC</category>
<category>POP.MC</category>
<category>SAN.MC</category>
<category>SOGN.PA</category>
<category>ACBr.AT</category>
<category>HSBA.L</category>
<category>CRDI.MI</category>
<category>ISP.MI</category>
<category>LLOY.L</category>
<category>DNBNOR.OL</category>
<category>RBS.L</category>
<category>SEBa.ST</category>
<category>SHBa.ST</category>
<category>STAN.L</category>
<category>SWEDa.ST</category>
<category>DEXI.BR</category>
<category>NBGr.AT</category>
<category>PMII.MI</category>
<category>ERST.VI</category>
<category>BOPr.AT</category>
<category>EFGr.AT</category>
<category>CAGR.PA</category>
<category>BNPP.PA</category>
<category>NDA.ST</category>
<category>SABE.MC</category>
<category>DPBGn.DE</category>
<category>AGBr.AT</category>
<category>RIBH.VI</category>
<category>MRBr.AT</category>
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<pubDate>Mon, 8 Feb 2010</pubDate>
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<title><![CDATA[Global Insurance Daily Valuations 8-Feb-2010]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85974|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Switzerland</li><br><li>Germany</li><br><li>Spain</li><br><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>France</li><br><li>United Kingdom</li><br><li>Global</li><br><li>Italy</li><br><li>Netherlands</li><br><li>South Africa</li><br><li>EMEA Emerging</li><br><li>UBSW EMEA</li><br><li>Emerging Markets</li><br><li>Asia</li><br><li>China</li><br><li>Korea</li><br><li>Taiwan</li><br><li>Asia Pacific</li><br><li>Asia Pacific Ex. JP</li><br><li>Americas</li><br><li>Canada</li><br><li>United States</li><br><li>North America</li><br><li>Australia</li><br><li>Australasia</li><br><li>Japan</li><br><li>Asia Emerging</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Swiss Insurance, Full-Line</li><br><li>Swiss Insurance, Life</li><br><li>German Insurance, Full-Line</li><br><li>German Insurance, Property &amp; Casualty</li><br><li>Spanish Insurance, Full-Line</li><br><li>French Insurance, Full-Line</li><br><li>British Insurance, Life</li><br><li>British Insurance, Property &amp; Casualty</li><br><li>Italian Insurance, Full-Line</li><br><li>Netherlands Insurance, Life</li><br><li>South African Insurance, Life</li><br><li>EMEA Emerging Insurance, Life</li><br><li>European Insurance, Full-Line</li><br><li>European Insurance, Life</li><br><li>European Insurance, Property &amp; Casualty</li><br><li>European Ex. UK Insurance, Full-Line</li><br><li>European Ex. UK Insurance, Life</li><br><li>European Ex. UK Insurance, Property &amp; Casualty</li><br><li>Global Insurance, Full-Line</li><br><li>Global Insurance, Life</li><br><li>Global Insurance, Property &amp; Casualty</li><br><li>Swiss Financial</li><br><li>Swiss Insurance</li><br><li>German Financial</li><br><li>German Insurance</li><br><li>EMEA Emerging Financial</li><br><li>EMEA Emerging Insurance</li><br><li>Spanish Financial</li><br><li>Spanish Insurance</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>European Ex. UK Financial</li><br><li>European Ex. UK Insurance</li><br><li>French Financial</li><br><li>French Insurance</li><br><li>British Financial</li><br><li>British Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>Italian Financial</li><br><li>Italian Insurance</li><br><li>Netherlands Financial</li><br><li>Netherlands Insurance</li><br><li>South African Financial</li><br><li>South African Insurance</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Global Emerging Financial</li><br><li>Global Emerging Insurance, Life</li><br><li>Global Emerging Insurance</li><br><li>Asian Diversified Financial</li><br><li>Taiwanese Diversified Financial</li><br><li>Chinese Insurance, Full-Line</li><br><li>Chinese Insurance, Life</li><br><li>Korean Insurance, Property &amp; Casualty</li><br><li>Taiwanese Insurance, Life</li><br><li>Asian Insurance, Full-Line</li><br><li>Asian Insurance, Life</li><br><li>Asian Insurance, Property &amp; Casualty</li><br><li>Asian Financial</li><br><li>Asian Insurance</li><br><li>Chinese Financial</li><br><li>Chinese Insurance</li><br><li>Korean Financial</li><br><li>Korean Insurance</li><br><li>Taiwanese Financial</li><br><li>Taiwanese Insurance</li><br><li>Asian Financial Services</li><br><li>Taiwanese Financial Services</li><br><li>Asian Pacific Banks, Ex-S&amp;L</li><br><li>Asian Pacific Banks</li><br><li>Asian Pacific Financial</li><br><li>Asian Pacific Diversified Financial</li><br><li>Asian Pacific Financial Services</li><br><li>Asian Pacific Insurance, Full-Line</li><br><li>Asian Pacific Insurance, Life</li><br><li>Asian Pacific Insurance, Property &amp; Casualty</li><br><li>Asian Pacific Insurance</li><br><li>Asian Pacific Ex. JP Banks, Ex-S&amp;L</li><br><li>Asian Pacific Ex. JP Banks</li><br><li>Asian Pacific Ex. JP Financial</li><br><li>Asian Pacific Ex. JP Diversified Financial</li><br><li>Asian Pacific Ex. JP Financial Services</li><br><li>Asian Pacific Ex. JP Insurance, Full-Line</li><br><li>Asian Pacific Ex. JP Insurance, Life</li><br><li>Asian Pacific Ex. JP Insurance, Property &amp; Casualty</li><br><li>Asian Pacific Ex. JP Insurance</li><br><li>Canadian Insurance, Life</li><br><li>US Insurance, Full-Line</li><br><li>US Insurance, Life</li><br><li>US Insurance, Property &amp; Casualty</li><br><li>Americas Insurance, Full-Line</li><br><li>Americas Insurance, Life</li><br><li>Americas Insurance, Property &amp; Casualty</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>Canadian Financial</li><br><li>Canadian Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Full-Line</li><br><li>North American Insurance, Life</li><br><li>North American Insurance, Property &amp; Casualty</li><br><li>North American Insurance</li><br><li>US Strategy Top 20</li><br><li>Australian Banks</li><br><li>Australian Diversified Financial</li><br><li>Australian Insurance, Full-Line</li><br><li>Australian Financial</li><br><li>Australian Insurance</li><br><li>Australian Financial Services</li><br><li>Australian Banks, Ex-S&amp;L</li><br><li>Australasian Banks, Ex-S&amp;L</li><br><li>Australasian Banks</li><br><li>Australasian Financial</li><br><li>Australasian Diversified Financial</li><br><li>Australasian Financial Services</li><br><li>Australasian Insurance, Full-Line</li><br><li>Australasian Insurance</li><br><li>Japanese Insurance, Life</li><br><li>Japanese Financial</li><br><li>Japanese Insurance</li><br><li>Asia Emerging Financial</li><br><li>Asia Emerging Diversified Financial</li><br><li>Asia Emerging Financial Services</li><br><li>Asia Emerging Insurance, Life</li><br><li>Asia Emerging Insurance, Property &amp; Casualty</li><br><li>Asia Emerging Insurance</li><br></ul><br><em>Companies</em><br><ul><li>BALN.VX Bâloise</li><br><li>RUKN.VX Swiss Re</li><br><li>ZURN.VX Zurich Financial</li><br><li>ALVG.DE Allianz</li><br><li>MUVGn.DE Munich Re</li><br><li>AXAF.PA AXA</li><br><li>GASI.MI Generali</li><br><li>AEGN.AS Aegon</li><br><li>ING.AS ING</li><br><li>HELN.S Helvetia</li><br><li>SLHN.VX Swiss Life</li><br><li>METJ.J Metropolitan</li><br><li>AML.L Amlin</li><br><li>GCO.MC Catalana Occidente</li><br><li>LBHJ.J Libhold</li><br><li>HSX.L Hiscox</li><br><li>SLMJ.J Sanlam</li><br><li>OMLJ.J Old Mutual ZA</li><br><li>DSYJ.J Discovery</li><br><li>BRE.L Brit Insurance</li><br><li>CGL.L Catlin</li><br><li>MAP.MC Mapfre</li><br><li>LRE.L Lancashire</li><br><li>PEARL.AS Pearl</li><br><li>000810.KS Samsung F&amp;M</li><br><li>2882.TW Cathay FHC</li><br><li>2881.TW Fubon FHC</li><br><li>0966.HK China Taiping</li><br><li>2628.HK China Life</li><br><li>AON.N Aon Corp</li><br><li>CB.N Chubb Corp.</li><br><li>HIG.N The Hartford</li><br><li>LNC.N Lincoln National</li><br><li>MMC.N Marsh &amp; McLennan</li><br><li>TRV.N Travelers Cos</li><br><li>AIG.N AIG</li><br><li>ALL.N Allstate Corp.</li><br><li>AFL.N AFLAC Inc.</li><br><li>PL.N Protective Life</li><br><li>XL.N XL Capital</li><br><li>ACE.N ACE Ltd.</li><br><li>MBI.N MBIA Inc.</li><br><li>PGR.N Progressive</li><br><li>MET.N MetLife</li><br><li>MFC.TO Manulife Financial</li><br><li>RE.N Everest Re</li><br><li>RNR.N RenaissanceRe</li><br><li>PRE.N PartnerRe</li><br><li>WSH.N Willis Group Holding</li><br><li>PNX.N Phoenix Companies</li><br><li>PFG.N Principal Financial</li><br><li>PRU.N Prudential Financial</li><br><li>WRB.N W. R. Berkley</li><br><li>RGA.N RGA</li><br><li>AHL.N Aspen Insurance</li><br><li>CNO.N Conseco Inc.</li><br><li>NFP.N National Financial</li><br><li>GNW.N Genworth Financial</li><br><li>AGO.N Assured Guaranty</li><br><li>ACGL.O Arch Capital Group</li><br><li>AXS.N Axis Capital</li><br><li>AMP.N Ameriprise</li><br><li>GLRE.O Greenlight Re</li><br><li>VR.N Validus Holdings</li><br><li>AXA.AX AXA Asia Pacific</li><br><li>QBE.AX QBE</li><br><li>SUN.AX Suncorp-Metway</li><br><li>AMP.AX AMP</li><br><li>IAG.AX Insurance Aust Group</li><br><li>005830.KS Dongbu Insurance</li><br><li>8795.T T&amp;D Holdings</li><br><li>2318.HK Ping An Insurance</li><br><li>2888.TW Shin Kong FHC</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>BALN.VX</category>
<category>RUKN.VX</category>
<category>ZURN.VX</category>
<category>ALVG.DE</category>
<category>MUVGn.DE</category>
<category>AXAF.PA</category>
<category>GASI.MI</category>
<category>AEGN.AS</category>
<category>ING.AS</category>
<category>HELN.S</category>
<category>SLHN.VX</category>
<category>METJ.J</category>
<category>AML.L</category>
<category>GCO.MC</category>
<category>LBHJ.J</category>
<category>HSX.L</category>
<category>SLMJ.J</category>
<category>OMLJ.J</category>
<category>DSYJ.J</category>
<category>BRE.L</category>
<category>CGL.L</category>
<category>MAP.MC</category>
<category>LRE.L</category>
<category>PEARL.AS</category>
<category>000810.KS</category>
<category>2882.TW</category>
<category>2881.TW</category>
<category>0966.HK</category>
<category>2628.HK</category>
<category>AON.N</category>
<category>CB.N</category>
<category>HIG.N</category>
<category>LNC.N</category>
<category>MMC.N</category>
<category>TRV.N</category>
<category>AIG.N</category>
<category>ALL.N</category>
<category>AFL.N</category>
<category>PL.N</category>
<category>XL.N</category>
<category>ACE.N</category>
<category>MBI.N</category>
<category>PGR.N</category>
<category>MET.N</category>
<category>MFC.TO</category>
<category>RE.N</category>
<category>RNR.N</category>
<category>PRE.N</category>
<category>WSH.N</category>
<category>PNX.N</category>
<category>PFG.N</category>
<category>PRU.N</category>
<category>WRB.N</category>
<category>RGA.N</category>
<category>AHL.N</category>
<category>CNO.N</category>
<category>NFP.N</category>
<category>GNW.N</category>
<category>AGO.N</category>
<category>ACGL.O</category>
<category>AXS.N</category>
<category>AMP.N</category>
<category>GLRE.O</category>
<category>VR.N</category>
<category>AXA.AX</category>
<category>QBE.AX</category>
<category>SUN.AX</category>
<category>AMP.AX</category>
<category>IAG.AX</category>
<category>005830.KS</category>
<category>8795.T</category>
<category>2318.HK</category>
<category>2888.TW</category>
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<pubDate>Mon, 8 Feb 2010</pubDate>
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<title><![CDATA[CASA "Cutting price target and estimates" (Neutral) Fall]]></title>
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<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>France</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>European Banks</li><br><li>European Ex. UK Banks</li><br><li>French Banks</li><br><li>Global Banks</li><br><li>European Financial</li><br><li>European Ex. UK Financial</li><br><li>French Financial</li><br><li>Global Financial</li><br><li>French Banks, Ex-S&amp;L</li><br><li>European Banks, Ex-S&amp;L</li><br><li>European Ex. UK Banks, Ex-S&amp;L</li><br><li>Global Banks, Ex-S&amp;L</li><br></ul><br><em>Companies</em><br><ul><li>CAGR.PA CASA</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Omar Fall</author>
<category>CAGR.PA</category>
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<pubDate>Mon, 8 Feb 2010</pubDate>
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