UBS open to ‘consolidator’ role in European banking – chairman

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich

ZURICH (Reuters) – UBS is open taking on a role as a consolidator in Europe’s banking industry, Chairman Axel Weber told Germany’s Manager Magazin in an interview published on Thursday, adding the bank was open particularly to acquisitions in wealth and asset management.

“Consolidation in asset management makes sense, it leads to economies of scale, and we are open to discussions,” Weber told the magazine. “But look at the market right now: Most see themselves as buyers, no one wants to sell … I’m firmly convinced the urgency will need to grow stronger before there are also sellers in the market.”

(Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal)