January 9, 2013 / 12:16 PM / 5 years ago

UBS banker Orcel says wouldn't now advise RBS to buy ABN

LONDON (Reuters) - The head of UBS’s investment bank said on Wednesday that with the benefit of hindsight he would have advised Royal Bank of Scotland against buying Dutch bank ABN AMRO.

“With what I know today ... we would not have advised them to proceed,” Andrea Orcel told a panel of UK lawmakers.

While working for Merrill Lynch, Orcel advised on the disastrous RBS-led takeover of ABN AMRO in 2007.

Reporting by Carmel Crimmins; Editing by Greg Mahlich

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