UBS has no plans to buy Credit Suisse
2023.01.14 01:51
UBS has no plans to buy Credit Suisse
Budrigannews.com – In an interview that was released on Saturday, the Chairman of UBS, Colm Kelleher, stated that the bank has no intention of purchasing Credit Suisse, a rival Swiss lender.
The previous Morgan Stanley President ruled out any move to acquire the troubled cross-town rival of his bank, stating that he was more concerned with organic growth than acquisitions and expanding its business in the United States.
Kelleher stated to the Neue Zuercher Zeitung, “We have no desire to buy Credit Suisse.”
When asked if there were any scenarios in which a UBS acquisition of Credit Suisse would make sense, he responded, “There are always scenarios, but none that are convincing.”
Two years ago, Swiss media reported that the former chairmen of Credit Suisse and UBS supported a merger of the two banks and held talks in the first half of 2020.
According to media reports, the discussions ended in the end, and Urs Rohner and Axel Weber have since left their positions at Credit Suisse and UBS, respectively.
At the time, neither bank commented on the merger story. Kelleher took over for Weber in April of this year.
“This is our strategic message: no surprise; organic expansion; According to him, the newspaper should judge UBS based on profitability, the U.S. business, and the numbers. Such a message, in my experience, is well received by institutional shareholders.
According to Kelleher, UBS had not benefited significantly from the difficulties at Credit Suisse. The bank has experienced significant exodus of wealthy clients as a result of a series of significant losses and scandals.
Kelleher stated, “We have checked what has flowed to us.” We suspect that international banks received the majority of the outflows.”
