The FINANCIAL -- UBS on 10 Feb. announced that Senator Phil Gramm has retired from the bank but will continue to support the bank as a consultant.

According to UBS, following a distinguished career of public service, including six years as a member of the House of Representatives and 18 years of service in the U.S. Senate, Senator Gramm joined UBS in 2003 as Vice Chairman of the Investment Bank. In this role, he served as a senior advisor to investment banking clients and worked with governments around the world on behalf of the firm.

Senator Gramm helped support clients through more than 120 major transactions, including such milestone deals as the Visa IPO, the largest IPO in American history; the Bank of China IPO, at the time, the largest bank IPO globally; the rights offering for the Industrial and Commercial Bank of China, the largest rights offering in China; and the Telstra privatization, the largest transaction of its kind. He also helped build the UBS Office of Public Policy in Washington, D.C.

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