NEW YORK--(BUSINESS WIRE)--
As part of UBS Group's $30 million commitment to fund COVID-19 relief efforts globally, UBS Americas announced today that $3.3 million will be directly distributed across the US, Puerto Rico, Brazil, Canada and Mexico. In the Americas, UBS will fund immediate relief and longer-term recovery efforts in local communities affected by the unprecedented health and economic impacts of the virus. Emergency aid will be provided to organizations that focus on combatting food insecurity, supporting frontline healthcare workers and enabling access to life-saving Personal Protective Equipment (PPE) for first responders.
The funds will be distributed in three tranches. The firm prioritized the first tranche of $1 million to provide funding to emergency aid organizations that focus on food insecurity and medical assistance. From this, $800,000 has been donated to , the nation's largest network of 200+ food banks, and $200,000 has been donated to , who are deploying medical teams across Brazil, Canada and Mexico.
The second tranche of $1.175 million will be provided to the firm's client-facing businesses to support select relief organizations across the US. The firm will also provide targeted support for local relief efforts in the New York Tri-State area and Nashville. The organizations that will receive funding through this tranche include Feeding America and its local affiliated food banks, , , , , , , , and the .
The final $1.125 million tranche will focus on longer-term recovery and resiliency efforts in communities that have been severely impacted by the virus. All UBS employees are able to donate to the above organizations, and will have their donations 100% matched by UBS with no financial limitations.
"We're proud to partner with a number of incredible organizations to help address some of the most pressing issues that our region is experiencing during the COVID-19 pandemic," said Tom Naratil, President Americas and Co-President Global Wealth Management at UBS. "Our clients and colleagues are passionate about making a difference, and we are committed to giving back to our local communities and playing a lead role in helping those who are most in need."
"The coronavirus outbreak has had a devastating impact in every community and is unfortunately impacting low-income communities the hardest," said Jamie Sears, Head of Community Affairs & Corporate Responsibility Americas at UBS. "It is incredibly heartening to see colleagues working together to support the immediate needs of those impacted by this pandemic and support the resiliency efforts that will help our communities rebuild once the crisis is over."
On April 9, 2020, that it was expanding its current referral lending network enabling small business owners to access the US Small Business Administration's Paycheck Protection Program ("PPP"). The firm also expects to make up to $2 billion available through UBS Bank USA to support America's small businesses looking to gain access to the benefits provided by the CARES Act and the PPP. Fees UBS earns from the referral initiative are being redirected to provide relief through emergency grants and funding to small business owners in underserviced populations. UBS is working through its network of community partners to manage this effort.
Additionally, the Group Executive Board as a whole will donate an equivalent of 50% of their salary over the next six months to COVID-19 aid projects.
Notes to Editors
About UBS
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS's strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 31% of its employees working in the Americas, 32% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 18% in Asia Pacific. UBS Group AG employs over 67,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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