Tuesday, 19 October 2021

UBS chairman says no merger on the agenda


BERLIN: Swiss bank UBS is not looking to merge with any other bank, Chairman Axel Weber told the Tages-Anzeiger newspaper amid speculation that UBS could join forces with Deutsche Bank.

“Every company has to think things over, but it makes little sense to consider mergers at group level now. These paralyse companies for years,” he said when asked specifically about any interest in Germany’s biggest lender.

“UBS is much stronger today than before the financial crisis, but combining with another bank – no matter which – would be premature at this moment. We want to grow primarily organically and we surely have to be able to walk before we want to run.”

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