UBS CEO Sergio Ermotti said the firm “cannot rule out” an acquisition when looking at growth paths for its business in the Americas.
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“We may want to do an acquisition. I don’t know about any big organizations that can rule out acquisitions,” Ermotti said at a conference in the Swiss town of St. Gallen on Wednesday. UBS doesn’t necessarily need a deal to achieve its expansion goals, which include growing wallet share among U.S. clients, he added.
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The bank has been working for years to turn around its wealth business in the U.S. Last month, the UBS Americas business showed signs of revival, with client inflows of $5.3 billion for the first three months of the year after three consecutive quarters of outflows.
In March, UBS received the green light for a full-blown U.S. bank license. It’s planning to roll out payments, checking and savings account services, and a wider selection of other products.
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Separately, the Swiss bank recently revamped the compensation model for U.S. financial advisors, raising their payouts and benefits in an attempt to retain and hire more staff in the region.
UBS Chairman Colm Kelleher has previously said the bank would eventually look to buy another U.S. wealth manager, once the integration of Credit Suisse is complete. That integration process, initiated after the takeover of its former rival more than three years ago, is now in its final stages.
Succession pool
Ermotti also addressed the question of his successor as CEO, saying he was happy with the internal pool of candidates.
Asked if he would be interested in the chairmanship, he answered: “I’m focused on my current role.”
Ermotti returned to UBS to lead the bank through its 2023 rescue of Credit Suisse. The bank has previously guided that he’ll remain CEO at least until early next year, with potential replacements coming from both within and outside the bank.
