UBS looking to acquisitions for market share growth
(4 March 2016 – Europe) Speaking to Reuters, UBS’s head of private banking for Europe said the bank may seek out acquisitions to its market share.
"There are certain markets that we focus on, certain markets where we're prepared to think about inorganic growth," Jakob Stott, UBS's head of wealth management businesses in Europe said.
"There are more consolidation opportunities when you have fragmented dynamics,” he added.
UBS, the world's biggest private bank, sees growth potential in Europe because the wealth management market is still very fragmented.
Stott highlighted that the timing could prove precise as competitors seek to restructure their business units, and slash costs. Although not being named by Stott, European banks such as Credit Suisse, Deutsche Bank and Barclays are revamping the banks' business models.
"We now have an opportunity to accelerate revenue and profit growth ... there are other banks that are distracted for many reasons," Stott said
Stott said the Swiss bank’s purchase last year of Santander's private banking business in Italy, which managed €2.7 billion (A$4 billion), was an example of the type deal the bank could replicate.
At the end of 2015, UBS had 343 billion Swiss francs (A$467 billion) in invested assets in Europe, excluding Switzerland. In Asia Pacific, the bank had 272 billion francs.