UPDATE 1-UBS has grip on woes, moving to cleanup--Kurer
(Adds quotes from interview, background)
By Thomas Atkins
ZURICH, April 11 (Reuters) - Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research) will move into the "clean up" phase of the credit crisis this year and has no intention of splitting up, its chairman- designate said on Friday.
Board member Peter Kurer, who has been proposed to replace Marcel Ospel as chairman later this month, said write-downs at the world's largest wealth manager have already been so aggressive they could not get any worse.
"The remaining positions have been written down so much that more value reductions on them even under bad market conditions would mathematically not be as large as before," Kurer said in an interview with Swiss newspaper Neue Zuercher Zeitung.
"We've basically got a grip on the UBS-specific problems," he told the paper in the interview to appear in Saturday's edition. "I don't think that we are any worse positioned than our competitors."
Kurer planned reforms to the board of directors and to the investment bank, but UBS intended to keep its three-pillar business model, including wealth management, asset management and investment banking.
"We will maintain our integrated business model," he said.
BREAKUP PRESSURE Continued...
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