(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.
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December 30, 2024 – 15:45
2 minutes
Keystone-SDA
+ 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/gwThis 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 lookhere , if you want to learn more about how we use technology, clickhere , and if you have feedback on this news story please write to… .MENAFN13012025000210011054ID1109084395
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