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 score Suisse final June, needs to broaden its U.S. wealth-management enterprise by means of potential M&A within the subsequent three or 4 years, Colm Kelleher stated.
“Solely in wealth administration and never but,” he added.
Since rescuing Credit score Suisse, UBS has confronted criticism over a $1.6 trillion-plus stability sheet that’s almost twice the dimensions of the Swiss economic system and has prompted the nation to assessment its regulation of systemically necessary banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to increased capital necessities.
“In case you have an excessive amount of capital, you penalise the shareholders, but in addition the purchasers as a result of banking companies turn out to be costlier,” he instructed NZZ.
The primary merger of two systemically necessary world 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 process” of integrating Credit score Suisse, including that he would love Ermotti’s successor to be somebody from inside UBS.
UBS, which took over former rival Credit score Suisse final June, needs to broaden its U.S. wealth-management enterprise by means of potential M&A within the subsequent three or 4 years, Colm Kelleher stated.
“Solely in wealth administration and never but,” he added.
Since rescuing Credit score Suisse, UBS has confronted criticism over a $1.6 trillion-plus stability sheet that’s almost twice the dimensions of the Swiss economic system and has prompted the nation to assessment its regulation of systemically necessary banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to increased capital necessities.
“In case you have an excessive amount of capital, you penalise the shareholders, but in addition the purchasers as a result of banking companies turn out to be costlier,” he instructed NZZ.
The primary merger of two systemically necessary world 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 process” of integrating Credit score Suisse, including that he would love Ermotti’s successor to be somebody from inside UBS.
