In Banking, Switzerland Can't Afford 'Model Pupil Syndrome', Says UBS CEO

1/13/2025 8:27:03 AM

(MENAFN- Swissinfo) For UBS Group CEO Sergio Ermotti, competition between banks in Switzerland will continue even following the takeover of rival Credit Suisse. He rejects calls for stricter regulation of the financial sector in Switzerland.

This content was published on December 30, 2024 - 15:45 2 minutes Keystone-SDA

Deutsch de UBS-Chef sieht weiterhin funktionierenden Wettbewerb im Inland Original Read more: UBS-Chef sieht weiterhin funktionierenden Wettbewerb im Inlan
Русский ru ((Швейцарский рынок банковских услуг все ещё очень конкурентный)) Read more: ((Швейцарский рынок банковских услуг все ещё очень конкурентный)

+ Get the most important news from Switzerland in your inbox

In an interview with Migros Magazine published on Monday, Ermotti said fears that UBS would be the only major bank left able to dictate terms to Swiss businesses were unfounded.“There are more than 200 domestic and foreign banks in Switzerland,” he said.“Competition is at play.”

The UBS boss also considers a general tightening of banking regulation to be dangerous:“We support many of the proposed measures, but they must be targeted and proportionate,” he said. Switzerland, added Ermotti, cannot afford to fall back into a“model pupil syndrome” and introduce rules that other countries do not have. This, he said, would weaken the domestic financial centre.

+ Swiss regulator tells UBS to strengthen its crisis plans

Ermotti believes that UBS is still on track in terms of integrating former rival Credit Suisse:“We are making good progress.” Credit Suisse clients are currently being added to the UBS platforms. However, delays in IT migration are currently the bank's biggest challenge.

Translated from German with DeepL/gw

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look
here , if you want to learn more about how we use technology, click
here , and if you have feedback on this news story please write to
... .

MENAFN13012025000210011054ID1109084395

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.