Fiat CEO Sergio Marchionne has failed to quell speculation in the press that he has been approached to head the Swiss bank UBS.

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Italian business daily MF said he had been asked by some shareholders to lead the bank, prompting questions from reporters at an event to mark the 200th anniversary of the stock exchange in Milan, Borsa Italiana.


However, rather than deny the reports, Marchionne would say only: “”We sell cars,” Reuters reported. Marchionne is a UBS board member.


Fiat chairman Luca Cordero di Montezemolo described the story as nonsense. ‘We’re talking about the moon,’ he was quoted as saying.


A UBS spokesman said the Swiss bank was not looking for a new chairman to replace Marcel Ospel.

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