Strong Apac wealth creation boosts UBS’ profitability and assets to new record
The bank is eyeing growth by snagging a share of the US$83 trillion ‘great wealth transfer’
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WHEN UBS was asked to acquire its Swiss rival Credit Suisse in 2023 – in a deal orchestrated by the Swiss National Bank and Finma (Swiss Financial Market Supervisory Authority) – it was not at all clear that the merger would be a success.
Today, those reservations have resoundingly been put to rest. In the first quarter, UBS’ Asia-Pacific business hit a record in pre-tax profit of US$600 million, a surge of 40 per cent year on year.
Invested assets rose by 13 per cent to US$781 billion, and net new asset inflows grew by 9.4 per cent to US$18.6 billion.
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