UBS Group AG Chairman Colm Kelleher recently expressed the bank's intention to acquire a US wealth management firm in order to enhance its market presence.
Kelleher emphasized the importance of optimizing the performance of Paine Webber, which UBS acquired in 2000.
The bank aims to replicate the success of Morgan Stanley, which significantly increased its profitability through the acquisition of Smith Barney.
This strategic move reflects UBS's commitment to strengthening its wealth management operations in the competitive US market.