Business

UBS president doesn’t want to buy Credit Suisse


© Reuters. FILE PHOTO: Colm Kelleher, President of UBS Group AG, speaks during the Global Financial Leaders’ Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone Siu

ZURICH (Reuters) – UBS is not interested in buying Swiss lender Credit Suisse, bank President Colm Kelleher said in an interview published on Saturday.

the Old Morgan Stanley (NYSE:) said he’s focused on organic growth rather than acquisitions and expanding his U.S. business as he rules out any move to buy his bank’s cross-city rival.

“We don’t want to buy Credit Suisse,” Kelleher told the Neue Zuercher Zeitung.

“There are always scenarios, but none are convincing,” he said when asked if there were any situations where a UBS takeover of Credit Suisse would make sense.

The former presidents of Credit Suisse and UBS supported a merger between the two banks and held talks in the first half of 2020, Swiss media reported two years ago.

The discussions eventually lapsed, the media reported, and both Urs Rohner and Axel Weber left their roles at Credit Suisse and UBS respectively.

Both banks declined to comment on the merger story at the time. Kelleher succeeded Weber last April.

“Our strategic message is: no surprises; organic growth; evaluate UBS by numbers, by US business, by profitability”. “In my experience, such a message is very well received by institutional shareholders.”

Kelleher said UBS hasn’t benefited much from troubles at Credit Suisse, which has seen massive outflows as wealthy clients turn away from the bank after a series of losses and scandals. heavy embarrassment.

“We examined what came to us,” Kelleher said. “We suspect that the largest part of the outflow is from international banks.”



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