UBS Group AG has no plans to buy banks in the US in the near future. Bloomberg writes. The group is also not interested in taking over Credit Suisse Group AG, chairman Colm Kelleher told Swiss newspaper Neue Zuercher Zeitung.
According to Kelleher, UBS “has not yet reached its full potential in the US.” “We need to strengthen our asset management business and increase margins there,” he said in the interview. That’s why we don’t want to expand the company.
However, Kelleher thinks UBS wants to attract more institutional investors in the U.S., who will be able to buy more shares. For that reason, there is an intense search for US analysts who can ‘see the company better’, and UBS no longer considers the performance of the US branch separately.
“There’s no reason for UBS to trade at a certain discount like other banks like Morgan Stanley,” Kelleher said. “I would not have accepted the chairmanship if I did not believe that a high index could be achieved and that it was a realistic goal.”
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