April 7, 2011 – Upon request of CoinsWeekly the UBS public relations office confirms that the bank terminates its intra-bank numismatic trade in the course of it focusing on the main business. In future, customers will be served by an extern, very experienced partner.
Jürg Richter, still head of the Gold & Numismatics department of UBS AG Basel answers the questions of CoinsWeekly.
CoinsWeekly: Who is going to be the extern partner?
Jürg Richter: Due to reasons of business policy, UBS has decided to terminate its numismatic trade as of May 2011. Henceforth, it will work together with the Sincona AG (Swiss International Coin Auction AG) concerning numismatics issues. Sincona AG is a private company, independent of UBS under the legal form of a Swiss joint stock company based in Zurich.
CoinsWeekly: Where will the new company be located? What happens with the other two locations of the numismatic branch of UBS?
Jürg Richter: The location of the Sincona AG will be Pelikanstrasse 11 in Zurich. The three locations in Zurich (Bahnhofstrasse 45), Basel (Aeschenvorstadt 1) and Geneva (Rue du Rhône 8) where UBS runs an office for marketable products of gold and precious metals will be retained unchanged for this business area of UBS will be continued without any change. Only the numismatic section is affected by the abandonment of business. Hence, numismatic services will not be provided (anymore) at these locations.
CoinsWeekly: Will the new partner continue to conduct auctions and co-operate with UBS?
Jürg Richter: The Sincona AG will continue to hold auctions and co-operate with UBS concerning numismatic issues. The first auction of the Sincona AG will be conducted from June 29 to July 1, 2011, in Zurich.
CoinsWeekly: What will be the implications for the coin collector?
Jürg Richter: For the coin collector with numismatics interests there will be no change, generally speaking, except for the contact. The Sincona AG will carry on the numismatic business to the same extent, organize auctions as well as participate in the most important domestic and international coin fairs.
CoinsWeekly: May the coin collector look forward to meeting any familiar faces in the new company?
Jürg Richter: Yes, he may. At this moment in time, however, names can’t be given away yet.
CoinsWeekly: Is there anything you would like to tell your long-standing customers?
Jürg Richter: We would like to thank our numismatic customers for their long-term allegiance to our business and we are happy to assure you that the equivalent expertise will retain with the Swiss market.