July 21, 2020 / 9:32 AM / 23 days ago

UBS says Hong Kong-China tensions not major disruption for client activity

ZURICH, July 21 (Reuters) - UBS does not expect any major reduction of client activity related to tensions between China and Hong Kong, Chief Executive Sergio Ermotti said on Tuesday, adding the bank is monitoring the situation.

“In the last few weeks, we haven’t really seen any major impact on client activity per se. I would say that we are monitoring the situation carefully as clients are doing the same,” Ermotti told analysts and journalists after presenting the bank’s second-quarter results. “But I don’t really expect any major contraction.”

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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