Midtown and in the rebuilt World Trade Center. 43 The bank opened a full branch office in Tokyo in 1970. "UBS in a few words". Dillon Read had been in negotiations to sell itself to ING, which owned 25 of the firm already, but Dillon Read partners balked at ING 's integration plans. 102 During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland but settled on simply using "UBS" following the acquisition of American brokerage firm, Paine Webber. 52 53 UBS's main competitors in this division are fellow members of the Bulge Bracket, 54 particularly Goldman Sachs, JPMorgan Chase, and Merrill Lynch.