SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: June 23, 2004
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(Date of earliest event reported)
Corporate Asset Backed Corporation
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-13444 22-3281571
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(State of Incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
445 Broad Hollow Road
Suite 239
Melville, New York 11747
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code (631) 587-4700
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ITEM 5. Other Events
UBS AG
OVERVIEW
UBS AG and subsidiaries ("UBS") comprise one of the world's leading financial
firms, serving a discerning global client base. As an organization, it combines
financial strength with a global culture that embraces change. As an integrated
firm, UBS creates added value for clients by drawing on the combined resources
and expertise of all its businesses.
UBS is the world's leading wealth management business, a global investment
banking and securities firm with a strong institutional and corporate client
franchise, a key asset manager and, with roughly a quarter of the Swiss lending
market, the market leader in Swiss corporate and individual client banking.
On December 31, 2003, UBS employed approximately 66,000 people. With
headquarters in Zurich, Switzerland and Basel, Switzerland, UBS operates in over
50 countries and from all major international centers.
UBS is managed through four Business Groups and its Corporate Center, each of
which is summarized below.
Further information about UBS, including more detailed descriptions of the
Business Groups and Corporate Center, is contained in UBS AG's Annual Report on
US Securities and Exchange Commission Form 20-F for the year ended December 31,
2003 (the "Form 20-F"), which is incorporated by reference into this Form 8-K
and the registration statement of Corporate Asset Backed Corporation on Form S-3
(Registration Number 333-111572) (the "Registration Statement").
WEALTH MANAGEMENT & BUSINESS BANKING
Wealth Management provides a comprehensive range of products and services
individually tailored for wealthy clients around the world via its global branch
network and through financial intermediaries. With CHF 701 billion in invested
assets on December 31, 2003, more than 140 years of wealth management experience
and an extensive branch network comprising 112 offices in Switzerland and 56
offices around the world, it is the world's largest private bank.
Business Banking Switzerland is the leading bank in Switzerland. At the end of
2003, it had around 3.5 million individual client accounts, and relationships
with around some 150,000 corporate clients, including institutional investors,
public entities and foundations based in Switzerland, as well as 3,000 financial
institutions worldwide. Clients have invested assets of CHF 212 billion with
Business Banking. With a total loan book of CHF 139 billion on December 31,
2003, it leads the Swiss lending and retail mortgage market.
GLOBAL ASSET MANAGEMENT
The Global Asset Management business is one of the world's leading asset
managers, providing investment management solutions to private clients,
financial intermediaries and institutional investors. It is distinguished by its
integrated global investment processes and the breadth, depth and scope of
investment capabilities which enable it to offer investment solutions in nearly
every major asset class. Invested assets totaled CHF 574 billion on December 31,
2003, making it one of the largest global institutional asset managers, the
second largest mutual fund manager in Europe, and the largest mutual fund
manager in Switzerland.
INVESTMENT BANK
UBS's Investment Bank operates globally as a client-driven investment banking
and securities firm. Its salespeople, research analysts and investment bankers
provide products and services to the world's key institutional investors,
intermediaries, banks, insurance companies, corporations, sovereign governments,
supranational organizations and private investors. For both its own corporate
and institutional clients and the individual clients of other parts of UBS, the
Investment Bank provides product innovation, research and advice, and
comprehensive access to the world's capital markets.
WEALTH MANAGEMENT USA
Wealth Management USA is one of the biggest US wealth managers. With CHF 634
billion in invested assets and nearly 2 million private client relationships,
its focus is on wealth management services to the core affluent (clients with
more than USD 500,000 in investable assets) and to high net worth individuals
(clients with more than USD 5 million in investable assets). It has almost 7,800
financial advisors in 366 branch office locations that build and maintain
consultative relationships with their clients.
CORPORATE CENTER
UBS's portfolio of businesses is planned and managed for the long-term
maximization of shareholder value. Corporate Center creates sustainable value
for shareholders and stakeholders by partnering with the Business Groups to
ensure that the firm operates as an effective and integrated whole with a common
vision and set of values.
CORPORATE INFORMATION
The legal and commercial name of the company is UBS AG. The company was
incorporated under the name SBC AG on February 28, 1978 for an unlimited
duration and entered in the Commercial Register of Canton Basle-City on that
day. On December 8, 1997, the Company
changed its name to UBS AG. The company in its present form was created on June
29, 1998 by the merger of Union Bank of Switzerland (founded 1862) and Swiss
Bank Corporation (founded 1872). UBS AG is entered in the Commercial Registers
of Canton Zurich and Canton Basle-City. The registration number is
CH-270.3.004.646-4.
UBS AG is incorporated and domiciled in Switzerland and operates under Swiss
Company Law and Swiss Federal Banking Law as an Aktiengesellschaft, a
corporation that has issued shares of common stock to investors.
The address and telephone number of UBS AG's two registered offices and
principal places of business are: Bahnhofstrasse 45, CH-8098 Zurich,
Switzerland, telephone +41-1-234 11 11; and Aeschenvorstadt 1, CH-4051 Basel,
Switzerland, telephone +41-61-288 20 20.
UBS AG shares are listed on the SWX Swiss Exchange and traded through virt-x
which is majority owned by the SWX Swiss Exchange. They are also listed on the
New York Stock Exchange and on the Tokyo Stock Exchange.
CAPITALIZATION OF UBS
The following table sets forth the consolidated capitalization of UBS in
accordance with International Financial Reporting Standards and translated into
U.S. Dollars.
CHF USD
As of March 31, 2004 (In millions)
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Debt
Short Term Debt Issued(1) .............. 106,113 83,754
Long Term Debt Issued(1) ............... 60,773 47,968
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Total Debt Issued ...................... 166,886 131,722
Minority Interest(2) ..................... 4,606 3,635
Shareholders' Equity ..................... 37,602 29,679
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Total Capitalization ..................... 209,094 165,036
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(1) Includes Money Market Paper and Medium Term Notes as per Balance Sheet
position.
(2) Includes Trust preferred securities.
Swiss francs (CHF) amounts have been translated into U.S. dollars (USD) at the
rate of CHF 1 = USD 0.78929.
WHERE YOU CAN FIND MORE INFORMATION
UBS AG is subject to the informational requirements of the Securities Exchange
Act and files reports and other information with the SEC under File No. 1-15060.
You may read and copy any reports, statements and other information that UBS AG
files with the SEC (i) over the Internet at the SEC's website at
http://www.sec.gov containing reports, proxy statements and other information
regarding registrants that file electronically with the SEC; (ii) at the SEC's
public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549, and at
the SEC's regional offices located at 233 Broadway, New York, New York 10279,
and Citicorp Center, Suite 1400, 500 West Madison Street, Chicago, Illinois
60661; (iii) at the New York Stock Exchange, Inc., 20 Broad Street, New York,
New York 10005; (iv) at the American Stock Exchange LLC, 86 Trinity Place, New
York, New York 10006; (v) over the Internet at UBS AG's web site at
http://www.ubs.com/investor-relations; and (vi) at no cost, upon request to UBS
AG, Investor Relations G41B, P.O. Box, CH-8098 Zurich, Switzerland, Phone:
011-41-1-234-41-00, Fax: 011-44-1-234-34-15, E-mail:
SH-investorrelations@ubs.com.
INCORPORATION OF DOCUMENTS BY REFERENCE
We are incorporating by reference in this Form 8-K and the Registration
Statement UBS AG's (a) Annual Report on Form 20-F for the year ended December
31, 2003, which UBS AG filed with the SEC on March 31, 2004 and (b) Forms 6-K
filed with the SEC on April 22, 2004, May 4, 2004 and May 11, 2004. We are also
incorporating all subsequent reports that UBS AG files with the SEC on Form 20-F
under the Securities Exchange Act after the date of this Form 8-K and prior to
the termination of any offering of certificates or notes by us. We may also
incorporate any reports on Form 6-K that UBS AG submits to the SEC after the
date of this Form 8-K and prior to the termination of any offering of
certificates or notes by us if the Form 6-K filing specifically states that it
is incorporated by reference into the Registration Statement or into
registration statements that UBS AG files with the SEC. Information that UBS AG
files with or submits to the SEC later will automatically update the information
in this Form 8-K and the Registration Statement. In all cases, you should rely
on the later information over different information included in this Form 8-K
and the Registration Statement.
You may request a copy, at no cost, of any or all of the document(s) we
incorporate by reference, except exhibits to the documents (unless the exhibits
are specifically incorporated by reference), at no cost, by writing or calling
UBS AG at: UBS AG, Investor Relations G41B, P.O. Box, CH-8098 Zurich,
Switzerland, Phone: 011-41-1-234-41-00, Fax: 011-41-1-234-34-15, E-mail:
SH-investorrelations@ubs.com, Internet: www.ubs.com/investor-relations.
EXPERTS
The consolidated balance sheets of UBS AG at December 31, 2003 and 2002 and the
related consolidated statements of income, cash flows and changes in
shareholders' equity for each of the three years in the period ended December
31, 2003 incorporated by reference into this Form 8-K and the Registration
Statement have been audited by Ernst & Young Ltd., independent
auditors, as set forth in their report thereon incorporated by reference into
this Form 8-K and the Registration Statement, and are included in reliance upon
such report given upon the authority of such firm as experts in accounting and
auditing.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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23.1 Consent of Ernst & Young Ltd.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORPORATE ASSET BACKED CORPORATION
By: /s/ Robert D. Vascellaro
_______________________________
Name: Robert D. Vascellaro
Title: Vice President
Date: June 23, 2004
INDEX TO EXHIBITS
Exhibit No. Description
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23.1 Consent of Ernst & Young Ltd.