Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.

The stock hit 9.35 Swiss francs during trading, a record low, but did recover slightly to close at 9.85, down 1.5 per cent on the day.

A US judge on Monday gave UBS until April 30 to file a response to a summons against it by authorities there, demanding that the bank hand over some 52,000 names of US clients holding assets in Switzerland. The judge scheduled a trial for July 13.

Berlin  - Germany's publicly owned HSH Nordbank AG became on Tuesday the latest bank in the country to receive state aid to help it through the current global financial crisis.

Two German state governments - Schleswig-Holstein and Hamburg - agreed to to throw HSH a 13 billion-euro (16.6 billion dollar) financial lifeline to cover future losses incurred by the shipbuilding financier.

Zurich  - Shares in the Swiss bank UBS continued their fall on Monday, dropping 9.09 per cent to 10 francs (8.59 dollars), setting a new low for the stock on the Zurich exchange.

On Friday, the stock lost 14 per cent, closing at 11 francs.

The decline in value was seen as a reaction to the investigation in the United States into allegations that UBS employees helped clients commit tax fraud and concerns about the fate of the Alpine country's secret banking laws.

Washington - President Barack Obama's economic team sought to ease fears that US banks are on the verge of either collapse or nationalization amid reports Monday that the government is considering a large ownership stake in Citigroup Inc.

The Treasury, Federal Reserve and other government finance agencies issued a rare joint statement assuring investors that the administration "stands firmly behind the banking system during this period of financial strain."

Vaduz - Lichtenstein's VP Bank Group said Monday it lost 80.3 million Swiss francs during 2008, after being forced to take writedowns due to the financial crisis.

The group said it would reduce operating expenses in 2009 by at least 10 per cent.

In a statement the bank said it had to write down 117 million francs in the income statement and 55.3 million of shareholders' equity.

The financial crisis pushed the bank to offer capital protection for clients invested in VP Bank's cash and money market funds, adding some 68.1 million francs to the 2009 financial statement.

London  - Britain's part-nationalised Royal Bank of Scotland (RBS) could make around 20,000 redundancies as it aims to focus on its core business, according to media reports on Sunday.

New chief executive Stephen Hester is set to announce a cull of around 10 per cent of the bank's global workforce, as he forces the troubled bank to focus on its core activities, several British newspapers reported at the weekend.

The bank could also sell off its divisions in Australia and Asia, as it unveils its annual results on Thursday.