Deals
UBS Weber Rejects Deal Talks Saying Bank Isn’t Seeking a Partner
- Swiss bank is ‘not looking for a bride,’ Weber tells magazine
- UBS management is busy enough without time-consuming M&A
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UBS Group AG Chairman Axel Weber rejected reports that Switzerland’s largest bank is planning to merge with a rival, in his first comments on the subject since discussions with Credit Suisse Group AG were reported.
“We are not looking for a bride,” Weber said in an interview with Swiss financial magazine Bilanz. Mergers can weigh on management time for years and UBS is busy with a pending change of chief executive officer and other internal business, he said. Weber declined to comment on any talks with Credit Suisse or any other European banking rivals.