Swiss bank UBS targets US deals, says chairman By Reuters

© Reuters. UBS Chairman Colm Kelleher appears to be like on throughout the International Monetary Leaders’ Funding Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photograph

ZURICH (Reuters) – Swiss banking large UBS will search for merger and acquisitions alternatives in the US within the years to come back, its chairman informed 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 via potential M&A in 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 practically twice the dimensions of the Swiss financial system and has prompted the nation to assessment its regulation of systemically essential banks.

Kelleher, nevertheless, pushed again towards requires UBS to be topic to increased capital necessities.

“When you’ve got an excessive amount of capital, you penalise the shareholders, but additionally the shoppers as a result of banking providers turn into dearer,” he informed NZZ.

The primary 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 best individual for the “Herculean process” of integrating Credit score Suisse, including that he would really like Ermotti’s successor to be somebody from inside UBS.

(This story has been corrected to point out M&A is envisaged in three or 4 years’ time, not over the following three or 4 years, in paragraphs 1 and a couple of)