UBS, as it exists before late 2002, was the result of the merger of the Union Bank of Switzerland and the Swiss Bank Corporation (SBC) in June 1998. Although the merged company's new name was originally supposed to be the "United Bank of Switzerland," officials opted to call it simply "UBS" because of a name clash with United Bank Switzerland - a part of the United Bank Limited's Swiss subsidiary. UBS is no longer an acronym but is the company's brand. Its logo of three keys, carried over from SBC, stands for confidence, security and discretion.Yet UBS also comprises a number of well-known securities firms that have been acquired by the bank and its predecessors.