UBS Warburg has emerged relatively unscathed from its first advisory mandate for Vinci, the French airports and construction company that narrowly escaped buying TBI, the UK regional airports operator.

UBS Warburg loses out on a larger chunk of its advisory fee since Vinci let its 90p (€1.43) per share offer for TBI lapse, but had Vinci taken control of TBI the bank's reputation could have been damaged. This was a deal that Vinci did not want in the end. Thanks to the recent plane hijackings, US terrorist attacks and threat of impending war, TBI's shares are now trading at 45p, half Vinci's offer price, or over £200m more than the value placed on the UK company by Vinci's offer.