Exclusive | UBS sees Asia as its future growth engine after Credit Suisse merger boosted its regional footprint, CEO says
- The Swiss lender attracted a net US$77 billion of new money in Asia last year after the two banks officially merged in June
- ‘There will be a lot of wealth creation in Asia in the next few years … which is a unique opportunity for us,’ says boss
UBS, Switzerland’s biggest lender, expects Asia to be its future growth engine after the acquisition of its rival Credit Suisse last year expanded its footprint and client assets in the region, according to its chief executive officer.
“We have completed the first phase of the merger with Credit Suisse and have stabilised our clients, stabilised our employees and also started to attract new assets to UBS,” he said.
As of the end of last year, UBS had attracted a net US$77 billion of new money globally since the two banks officially merged on June 12. That was much higher than the first five months of 2023, when Credit Suisse saw an outflow of client assets prior to the merger.
“Our goal is to return to the profitability ratios that UBS had before the acquisition,” said Ermotti.
He flew into Asia for the China Development Forum in Beijing on March 24, before attending a series of events in Hong Kong last week.
