ZURICH: Swiss banking large UBS will search for merger and acquisitions alternatives within the United States within the subsequent few years, its chairman instructed the NZZ newspaper on Sunday.
UBS, which took over former rival Credit Suisse final June, desires to develop its U.S. wealth-administration enterprise by means of potential M&A within the subsequent three or 4 years, Colm Kelleher stated.
“Only in wealth management and not yet,” he added.
Since rescuing Credit Suisse, UBS has confronted criticism over a $1.6 trillion-plus stability sheet that’s almost twice the scale of the Swiss financial system and has prompted the nation to evaluate its regulation of systemically essential banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to increased capital necessities.
“If you have too much capital, you penalise the shareholders, but also the customers because banking services become more expensive,” he instructed NZZ.
The first merger of two systemically essential international banking teams additionally resulted within the return of former boss Sergio Ermotti for a second stint on the helm.
Kelleher stated Ermotti is the suitable individual for the “Herculean task” of integrating Credit Suisse, including that he would love Ermotti’s successor to be somebody from inside UBS.
UBS, which took over former rival Credit Suisse final June, desires to develop its U.S. wealth-administration enterprise by means of potential M&A within the subsequent three or 4 years, Colm Kelleher stated.
“Only in wealth management and not yet,” he added.
Since rescuing Credit Suisse, UBS has confronted criticism over a $1.6 trillion-plus stability sheet that’s almost twice the scale of the Swiss financial system and has prompted the nation to evaluate its regulation of systemically essential banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to increased capital necessities.
“If you have too much capital, you penalise the shareholders, but also the customers because banking services become more expensive,” he instructed NZZ.
The first merger of two systemically essential international banking teams additionally resulted within the return of former boss Sergio Ermotti for a second stint on the helm.
Kelleher stated Ermotti is the suitable individual for the “Herculean task” of integrating Credit Suisse, including that he would love Ermotti’s successor to be somebody from inside UBS.
