UBS to boost Asia-sourced assets to 20% in five to six years: CEO

UBS plans to tap growth in Asia and increase assets sourced from clients in the region to 20 per cent in five-to-six years, chief executive Sergio Ermotti said on Tuesday (Mar 26).

This would be up from around 15 per cent of its US$5.2 trillion assets the Swiss banking giant currently manages globally, according to Ermotti who spoke at the Milken Institute Global Investors’ Symposium held in Hong Kong.

UBS sees “secular trends” such as demographic change in Asia sustaining its growth, the CEO said.

The integration of UBS and Credit Suisse is going to offer an ability to capture growth in many geographic areas where the Swiss bank operates, he added.

The comment was made just one year after UBS, in a rescue mission, moved to merge its embattled cross-town rival Credit Suisse, which broadened the bank’s reach while resulting in consolidation and job cuts around the globe. REUTERS