UBS has hired investment bank Lazard to conduct a strategic review of its businesses, the New York Post reported on Wednesday, and the Swiss financial services company's shares rose.

The move has fuelled speculation that UBS might be looking to split its lucrative wealth-management division from its investment-banking operation, which has been struggling with exposure to subprime debt, the paper said.

The Post also said there was increasing talk that HSBC was interested in UBS.

UBS, whose shares were up nearly 6 percent, was not immediately available for comment.

The Post cited one person familiar with the matter as saying the strategic review might be part of an annual internal review of UBS' business lines, something the company has stepped up in the wake of losses.