© Reuters. UBS Chairman Colm Kelleher seems on throughout the International Monetary Leaders’ Funding Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photograph
ZURICH (Reuters) – Swiss banking big UBS will search for merger and acquisitions alternatives in the USA 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 increase its U.S. wealth-management enterprise by way 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 steadiness sheet that’s almost twice the dimensions of the Swiss economic system and has prompted the nation to assessment its regulation of systemically essential banks.
Kelleher, nonetheless, pushed again towards requires UBS to be topic to larger capital necessities.
“When you’ve got an excessive amount of capital, you penalise the shareholders, but additionally the purchasers as a result of banking providers change into costlier,” he instructed NZZ.
The primary merger of two systemically essential 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 appropriate individual for the “Herculean activity” of integrating Credit score Suisse, including that he would love Ermotti’s successor to be somebody from inside UBS.