UBS Weber Rejects Deal Talks Saying Bank Isn’t Seeking a Partner

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.

Photographer: Peter Juelich/Bloomberg
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