ZURICH (Reuters) – UBS Chief Executive Sergio Ermotti on Tuesday said it was currently premature for the Swiss bank to consider acquisitions as it continues to focus on the integration of Credit Suisse, which it bought in 2023.
Ermotti, who was speaking to CNBC on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, also said he did not expect a lot of deregulation in the banking sector in the United States under the new Trump administration.
“We will probably see more rationalization of existing regulation,” he told the broadcaster. “So at least for the big banks, I think it’s appropriate. I don’t believe that banks should be massively deregulated.”
The UBS CEO said the Trump administration may help address some geopolitical issues, but noted that the prospect of trade tariffs could also create tensions.
UBS acquired Credit Suisse after its longtime rival collapsed due to a string of scandals and setbacks.
(Reporting by Ariane Luthi)
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