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, needs to broaden its U.S. wealth-management enterprise by way 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 steadiness sheet that’s practically twice the dimensions of the Swiss financial system and has prompted the nation to overview its regulation of systemically vital banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to larger 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 vital 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 fitting particular person for the “Herculean task” of integrating Credit Suisse, including that he would really like Ermotti’s successor to be somebody from inside UBS.
UBS, which took over former rival Credit Suisse final June, needs to broaden its U.S. wealth-management enterprise by way 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 steadiness sheet that’s practically twice the dimensions of the Swiss financial system and has prompted the nation to overview its regulation of systemically vital banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to larger 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 vital 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 fitting particular person for the “Herculean task” of integrating Credit Suisse, including that he would really like Ermotti’s successor to be somebody from inside UBS.
