Sergio Ermotti, the CEO of UBS Group, expressed confidence in the competitive dynamics within the Swiss banking sector, even after the integration of Credit Suisse.
Ermotti emphasized that UBS does not monopolize the market, as there are over 200 domestic and foreign banks operating in Switzerland. This diverse banking environment ensures robust competition, which is crucial for a healthy financial ecosystem.
Ermotti opposes stricter regulations on Swiss banks, arguing that they could be detrimental. He advocates for targeted and proportionate regulatory measures that align with global standards.
The integration of Credit Suisse into UBS is progressing, with the migration of clients to UBS platforms underway. The biggest challenge is the delays in IT migration, which affects the seamless transition of services. Despite these challenges, Ermotti remains optimistic about the integration process. UBS aims to leverage the strengths of both institutions and enhance its service offerings.
Ermotti believes that regulatory measures should be carefully calibrated to avoid stifling innovation and competitiveness. UBS is committed to maintaining its competitive edge and contributing to the stability and growth of the Swiss financial system.