UBS Chief Says Hong Kong Commitment Remains Strong as US Business Grows
Published
The head of UBS, the Swiss banking giant, says the company is not turning away from Asia, even as it expands in North America. Chief executive Sergio Ermotti rejected suggestions that a stronger presence in the United States signals a shift away from the region's growing group of wealthy clients.
UBS has been increasing its focus on the United States, where many wealthy people and large investment firms are based. Some observers have questioned whether this move could mean less attention for Asian markets. Ermotti's response was clear: the bank has been active in the region for a long time and plans to keep building there.
In an interview with the South China Morning Post, Ermotti said the bank's commitment to Hong Kong has not changed. His message, summed up in the phrase "We were always here," stressed that UBS sees the region as a lasting part of its business and not a temporary market.
For readers in the United States, the story shows how major banks are trying to grow in several parts of the world at once. Wealthy clients in Asia continue to attract attention from financial firms, and banks are working to serve them while also strengthening operations in North America. Further details about UBS's plans in both regions are likely to follow.
Sources: South China Morning Post
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