A FORMER chief executive of Swiss financial giant UBS wants to meet the board to discuss a break-up of the group.

Luqman Olivant, who runs UK-based investment fund Olivant, is also seeking an overhaul of corporate governance and risk controls at UBS.

The move comes after UBS said that its sub-prime write downs have more than doubled to about £18.5bn. Olivant, which led a failed bid for Northern Rock, owns 0.7% of UBS.