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UBS to build IT facility

UBS AG (UBS) said Wednesday it has recently received approval from local authorities to build an information technology campus in Hyderabad, India. UBS says the facility, which has room for around 500 employees, is to be operational in early 2006. A UBS spokesman declined to comment on a press report Wednesday that UBS plans to outsource up to 2,500 jobs, mainly in software development, to India.

The spokesman said the type of IT work to be done in India has not yet been decided and is still being discussed within the bank's individual business units.