UBS Group AG does not plan to acquire US banks in the foreseeable future. This writes Bloomberg. Furthermore, the group is not interested in taking over Credit Suisse Group AG, chairman Colm Kelleher told the Swiss newspaper Neue Zuercher Zeitung.
According to Kelleher, UBS “has not yet reached its full potential in the United States.” “We need to strengthen our wealth management business and grow margins there,” she said in the interview. ‘That’s why we’re not looking to expand the business.’
Investors
Still, UBS would like to attract more institutional investors to the US, who can buy more shares, Kelleher thinks. For this reason, there is an active search for US analysts who can “get a better look at the company” and UBS is considering treating the US subsidiary’s performance separately from now on.
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“There’s no reason for UBS to trade at a certain discount, like other banks like Morgan Stanley,” Kelleher said. “I would never have accepted the position of president if I didn’t have confidence that higher ratings could be achieved and that it was a realistic goal.”
Source: BNR
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