UBS, HSBC Holdings and other banks that operate in Europe are looking into routing more of their business through overseas subsidiaries to reduce costs and avoid tough regulations. "Every bank is trying to work out the best way to be structured under the new rules," said Chris Matten, a partner at PricewaterhouseCoopers. "It's not just a question of what activities banks are in. It's about which entities they put that business through and in which jurisdictions."

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