UBS Group AG Chairman Axel Weber rejected reports that Switzerland’s largest bank is planning to merge with a rival, in his first comments on the subject since discussions with Credit Suisse Group AG were reported.
“We are not looking for a bride,” Weber said in an interview with Swiss financial magazine Bilanz. Mergers can weigh on management time for years and UBS is busy with a pending change of chief executive officer and other internal business, he said. Weber declined to comment on any talks with Credit Suisse or any other European banking rivals.
European bank mergers have been pushed into the limelight, with the coronavirus, negative interest rates and fragmented markets sparking discussions. Weber has drawn up a wish list of possible partners including Deutsche Bank AG, BNP Paribas SA and Credit Suisse, Bloomberg reported last month, citing people with knowledge of the matter. The German