UBS CEO Says Bank Will Act on M&A if Opportunity Is There
(Bloomberg) -- UBS Group AG Chief Executive Officer Ralph Hamers said the bank will look at potential merger and acquisition opportunities and that any deal wouldn't necessarily derail its plans to buy back $5 billion of shares this year.Â
Hamers, who said that organic growth is the default option, said any deals would probably be bolt-on and bring scale or help the bank serve segments where it's not yet present, according to comments he made on an analyst call on Tuesday.Â
The bank on Jan. 26 said that it agreed to buy U.S. robo-adviser Wealthfront for $1.4 billion in cash, adding more than $27 billion in assets under management and over 470,000 clients in the U.S. Hamers said on the call that the plan is to manage the firm separately and run it for growth. Â
©2022 Bloomberg L.P.
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