Australian retailer Coles Myer is seeking the services of another investment bank after US-based UBS Warburg withdrew its services to focus on its relationship with rival retailer Woolworths.

Investment bank Salomon Smith Barney is believed likely to replace UBS Warburg, the bank that suggested Coles Myer divest some of its assets. The controversial proposal received opposition from Solomon Lew, a former director, who was not re-elected at the retailer’s last annual meeting, reported the Australian.