|
Critics have voiced concern about the forced deal, designed to
help secure financial stability globally during a period of
turmoil, which will create a new Swiss bank with $1.6 trillion
in assets and more than 120,000 staff.
"Even putting UBS and Credit Suisse together, we won't be at the
top of the classification for international banks in terms of
size," Ermotti said in an interview with Italian business daily
Il Sole 24 Ore.
"We have a good position thanks to our activities, and our
greater critical mass at a global level will certainly give us
another advantage. The question of excessive size does not
arise," added Ermotti, who is Swiss but an Italian speaker.
Ermotti, who was previously chief executive of UBS from 2011 to
2020 and is now chairman of insurance group Swiss Re, will take
the helm at the bank from April 5.
He indicated that the combined bank would stick to the
successful UBS strategy.
"I maintain that the model should be that of the current UBS
whose core features include a central role for wealth management
activity and the containment of investment banking and its
related risks," he added.
In Switzerland, the public and politicians have also voiced
concerns about the level of state support for the banks, with
nearly 260 billion Swiss francs ($284 billion) in liquidity and
guarantees offered by the government and Swiss National Bank.
"If you look at the full framework for the acquisition, I think
you can say that the guarantees from the National Bank and
Confederation are reasonable," Ermotti said.
($1 = 0.9148 Swiss francs)
(Writing by Keith Weir; Editing by Emelia Sithole-Matarise)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
