UBS share: UBS wants to close gap with leading banks in US | 12/03/23

Swiss bank UBS has set itself ambitious growth targets.

Iqbal Khan, head of global asset management, told “NZZ am Sonntag”: “In the next three years we want to invest heavily in the US and tie up with leading providers.”

Clients expect UBS to rival the hegemony of American banks: “We have a unique opportunity to be a completely global bank based in Switzerland,” Kahn said. The bank has set a target of acquiring $150 billion of new customer assets per year.

Addressing concerns that UBS’s size could pose a risk, Khan said: On the contrary, its global presence is an advantage because it provides greater stability and makes business more predictable.

Build trust among CS people

Khan now wants to instill the confidence of former CS bankers who have joined UBS with “transparency and presence”. “Employees need clarity, then they can overcome difficulties. This applies to all employees. The difference between CS and UBS doesn’t matter to me,” he asserted.

It is important that integration is carried out according to fair, transparent and eligible criteria. “Everyone should clearly understand that we have chosen the most capable and suitable person for each position.”

Kahn rejects the Greensill criticism

Having been a member of the management team at Credit Suisse until 2019, Khan also rejected allegations that he was partly to blame for the collapse of the Greenpeace fund. “I have never met Mr. Greensill, nor conversed with him.” Additionally, he found no misconduct in Finma’s internal or external investigations.

However, he did not want to say anything about Archikos. “It’s not my job to comment on Archigos. It’s not my business,” he said.

Khan, 47, is one of the contenders to one day succeed CEO Sergio Ermotti. Still, the debate is coming too soon, Khan said, especially since Ermotti’s footprint is huge. He said to himself: “Cooperation is great. He is a tough but fair boss. Sergio is a fortune for our bank.”

/kw//AWP/he

Zurich (dpa-AFX)