Tuesday, March 28, 2023

UBS wants to intensify US business

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UBS wants to grow in the US

UBS wants to strengthen its US business. “Above all, we have to get the asset management business up and running and achieve an improvement in margins there,” said UBS Chairman of the Board of Directors Colm Kelleher in the “Neue Zürcher Zeitung”.

“It is also clear that we will not expand the investment bank,” said Colm in an interview published on Saturday. The added value of the bank lies in looking after wealthy to very wealthy private customers. “We have to focus on that, especially in the United States.” The bank wants to attract long-term investors, especially institutional investors in the US to buy their shares.

The bank will continue to buy back shares, but there will be no acquisitions in the US for the foreseeable future. It is also conceivable to report the performance targets of the US areas separately. “There will be no major strategic changes. We also have no desire to buy Credit Suisse,” said Colm. In addition to the USA, the bank also wants to intensify its business in Asia after the end of China’s zero-Covid policy.

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