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The
former Morgan Stanley president said he was focused on organic
growth rather than acquisitions and expanding its business in
the United States as he ruled out any move to buy his bank's
embattled cross-town rival.
"We have no desire to buy Credit Suisse," Kelleher told the Neue
Zuercher Zeitung.
"There are always scenarios, but none that are convincing," he
said when asked if there were any situations where a UBS
takeover of Credit Suisse made sense.
The former chairmen of Credit Suisse and UBS supported a merger
between the two banks, and held talks in the first half of 2020,
Swiss media reported two years ago.
The discussions eventually lapsed, the media reports said, and
both Urs Rohner and Axel Weber have since left their roles at
Credit Suisse and UBS respectively.
Both banks declined to comment on the merger story at the time.
Kelleher succeeded Weber in April last year.
"Our strategic message is: no surprises; organic growth; judge
UBS by the numbers, by the U.S. business, by profitability," he
told the newspaper. "In my experience such a message is very
well received by institutional shareholders."
Kelleher said UBS had not benefited much from the troubles at
Credit Suisse, which has seen sharp outflows as wealthy clients
turned their back on the bank after a series of heavy losses and
scandals.
"We have checked what has flowed to us," Kelleher said. "We
suspect the largest part of the outflows went to international
banks."
(Reporting by John Revill, editing by Deepa Babington)
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