UBS rejects plans to buy Credit Suisse or US takeover

Bloomberg – UPS Group AG says it does not plan acquisitions in the U.S. “for the foreseeable future” and No intention to buy Credit Suisse Group AG, bank president Colm Kelleher told Swiss newspaper Neue Zuercher Zeitung.

Kelleher said in an interview published Saturday (14) that UPS has not yet reached its full potential in the United States.

“We need to get our wealth management business up and running and improve our margins,” he said.

The Swiss bank’s strategy in the US is then in the process of changing Tom Naradil, America’s longest-serving leader, has retired. Iqbal leaves Khan to assume global leadership of wealth management business.

Even the bank Backed off from buying Wealthfront. Instead, UBS pulled back, saying it would focus on its traditional high-net-worth client base.

The bank plans to offer traditional banking services such as mortgages and loans to its wealthy American customers.

“We are not going to expand the investment bank,” he said, adding that the unit needs to develop its advisory business.

According to Kelleher, UBS is seeking more US institutional investors to buy shares in the bank. For that, The bank wants US analysts to “take a closer look at us”. and considers separately reporting the performance of its US business, including profit levels and assets under management.

Kelleher said there was no reason for UBS to trade at a discount compared to US banks such as Morgan Stanley. “I wouldn’t have taken on the role of president if I didn’t believe a high rating could be achieved and was a realistic goal,” he said.

See more at Bloomberg.com

Read it too

Will hope return? Bitcoin Reaches $21,000 With Apparent Inflation Slowing

© 2023 Bloomberg LP