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.
New Escalent research finds younger, more diverse DC plan participants are open to rollovers - but increasingly prefer outside firms.
UBS finds millionaire investors are more optimistic than before 2024 but are actively repositioning portfolios ahead of November 3.
Auto-enrollment has landed for 60 million children, but Baird planning director says key questions on rollovers and Roth conversions remain open.
MyComplianceOffice's AI-assisted surveillance links employee chats on Slack and Telegram with prediction market trades as Wall Street tightens rules
Elsewhere, Raymond James absorbs a family-run practice from Commonwealth into its independent channel, while RBC welcomes a father-son tandem formerly from UBS.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
