UBS Group Chairman Axel Weber rejected reports that Switzerland’s largest bank is planning to merge with a rival, in his first comments on the subject since discussions with Credit Suisse Group were reported.
“We are not looking for a bride,” Weber said in an interview with Swiss financial magazine Bilanz.
Mergers can weigh on management time for years and UBS is busy with a pending change of chief executive and other internal business, he said. Weber declined to comment on any talks with Credit Suisse or any other European banking rivals.
European bank mergers have been pushed into the limelight, with the coronavirus, negative interest rates and fragmented markets sparking discussions. Weber has drawn up a wish list of possible partners including Deutsche Bank, BNP Paribas and Credit Suisse, Bloomberg reported last month, citing people with knowledge of the matter. The German executive sees a deal with Deutsche Bank among the most favored scenarios, one person said.
Weber attributed recent merger reports about UBS to a delayed summer “silly season” in the media, adding that people were tired of reading about the coronavirus.
Still, just two weeks ago, UBS CEO Sergio Ermotti told Swiss broadcaster SRF that the bank is keeping its options open in light of the nascent consolidation trend in Europe.
“Clearly, if there’s consolidation, it’s not just what an individual bank does but also what competitors do,” he said. “In that sense we’re keeping all our options open.”
Ermotti, who has led the bank for nine years, will cede his post to former ING Groep CEO Ralph Hamers in November.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
