March 5, 2020 / 12:20 PM / 25 days ago

UBS strong enough to help European bank consolidation - Weber in paper

ZURICH (Reuters) - Swiss bank UBS Group (UBSG.S) has the financial muscle to help drive mergers and acquisitions in the European finance sector but its focus is on organic growth, Chairman Axel Weber told WirtschaftsWoche in an interview.

“Banks in Europe have to consolidate. We are strong enough to play an active role as well,” he was quoted as saying in an advance summary, reiterating that the world’s biggest wealth manager would stick to its strategy under new Chief Executive Ralph Hamers, who is joining from ING.

Reporting by Michael Shields; Editing by John Miller

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