UBS is not actively benefiting from rival Credit Suisse’s crisis, UBS Chairman Colm Kelleher told a Financial Times banking conference on Wednesday.
Credit Suisse has reported sharp capital outflows as wealthy clients turn their backs on the embattled Swiss bank.
“We are not actively benefiting at their expense. We see them as a worthy competitor going through a crisis that I believe they will manage,” said Kelleher.
“But clearly we’re also in a world of customers moving money, so when customers approach us proactively, we let the money come to us or we let the money go to our US competitors, and based on that, we do what we can,” he said. Kelleher.
He said clients of UBS, the world’s biggest wealth manager, are holding more cash than at any time since the 2008 financial crisis.
Kelleher commented on the scrapped $1.4 billion deal to buy Wealthfront, a US-focused automated wealth management provider, which would allow the Swiss bank to expand into the bulk wealth category.
“There’s been a change of management in the US, valuations have changed, other circumstances have changed,” he said.
Kelleher dismissed speculation of tension between him and Chief Executive Ralph Hamers. “Ralph and I get along phenomenally well, we’re very complementary,” he said.
Source: CNN Brasil
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