It was Morgan Stanley first (MS.N) The president said he was focused on organic growth rather than acquisitions and expanding his business in the United States as he ruled out any move to buy his small-town bank.
“We have no desire to buy Credit Suisse,” Kelleher told the Neue Zuercher Zeitung.
“There are indications, but nothing is confirmed,” he said when asked if there were any circumstances in which it would be appropriate for UBS to use Credit Suisse.
The former chairman of Credit Suisse and UBS supported a merger between the two banks, holding talks in the first half of 2020, Swiss media reported two years ago.
The talks eventually broke down, the media said, and Urs Rohner and Axel Weber have already left their roles at Credit Suisse and UBS.
Both banks declined to comment on the merger story at the time. Kelleher replaced Weber in April last year.
“Our popular message is: no surprises; organic growth; judge UBS by the numbers, by the US business, by profits,” he said in the newspaper. “In my experience, such a message is very well received by corporate shareholders.”
According to Kelleher, UBS did not benefit much from the crisis at Credit Suisse, which was seen sharp outflow while rich people turned their backs on the bank after a sequence many losses and scandals.
“We’ve checked what’s been flowing to us,” Kelleher said. “We suspect that most of the outflows went to international banks.”
Reporting by John Revill, editing by Deepa Babington
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