UBS AG said Friday that none of its major businesses are for sale, denying a report that the Swiss company is mulling the sale of its Paine Webber unit.

The brokerage, which UBS bought for $10 billion in 2000, is a major part of the company's U.S. wealth management business.

"No major business is for sale," said Doug Morris, a spokesman for UBS. Reuters, citing unidentified people familiar with the matter, reported earlier that the idea of selling Paine Webber would be part of a review set to wrap up by November.

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