UBS Exposure to Evergrande ‘Immaterial,’ CEO Hamers Says
- UBS exposure is on client side and well diversified, CEO says
- Hamers says broad policy changes in China are understandable
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UBS Group AG’s exposure to stricken property developer China Evergrande Group is “immaterial” and limited to the execution of collateral calls on margin loans, Chief Executive Officer Ralph Hamers said Thursday.
The Chinese company’s financial difficulties “have not been keeping me up at night,” Hamers said, who heads a bank with one of the top wealth management businesses in Asia. UBS has made some margin calls related to Evergrande but these have been “well executed,” he said during a Bank of America Corp. conference on Thursday.