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Deutsche Bank in sight: UBS President Weber wants to take over European bank

2020-09-21T06:44:16.272Z

Axel Weber is said to have big plans for the Swiss bank UBS. According to a report, several large European banks such as Deutsche Bank and Barclays are on his wish list for a takeover.



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UBS President Axel Weber: Commerzbank should also be on the wish list

Photo: GIAN EHRENZELLER / EPA-EFE / REX

UBS Chairman of the Board of Directors

Axel Weber 

(63)

is planning to take over a large European bank, according to various media reports.

According to research by the Swiss Sunday newspaper, Weber's potential merger targets include Deutsche Bank and the British Barclays.

According to the Bloomberg news agency, the French BNP Paribas is also on the "wish list".

The “Sonntagszeitung” writes that UBS is looking specifically for banks that are set up similarly to those with which the Swiss institute competes, but also complement each other well, especially in investment banking.

According to people who are in the picture, other names that played a role in Weber's strategy games are Commerzbank and the British Lloyds Banking Group.

UBS did not want to comment on this.

Just last Monday, the finance blog "Inside Paradeplatz", citing an insider source, wrote that the former President of the German Bundesbank Weber was planning

a merger

with CS President

Urs Rohner

(60).

In addition, the "Sonntagszeitung" (fee required) wrote that Weber's plan met with rejection both within UBS and Credit Suisse.

"The merger will not come - not today, not tomorrow, not the day after tomorrow," it said, citing "high-ranking sources from the environment of both boards of directors".

Merger with Credit Suisse unlikely

At Credit Suisse, according to the report, UBS Vice President and Roche CEO

Severin Schwan

(52) is one of the declared opponents of a merger with UBS.

At Roche it was said to the newspaper: "No comment."

Credit Suisse boss

Thomas Gottstein

(56) is also said to be an opponent of a major merger, and the idea was not well received by important customers either, wrote the "Sunday newspaper".

more on the subject

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  • Major Swiss bank had employees shadowed: Credit Suisse spy scandal is spreading again

  • Big bank defies corona crisis: UBS gets problems on Swiss home market

Bloomberg also wrote, citing people familiar with the matter, that Weber had created a wish list with potential partners for a possible deal - including Deutsche Bank, BNP Paribas and Credit Suisse.

A transaction with Deutsche Bank is one of the most popular scenarios, said one person.

There is constant speculation that the two Swiss banks Credit Suisse and UBS could merge - especially as the pressure to consolidate is growing.

However, the merger of the two competitors has so far been unlikely, as the Swiss media report.

UBS may not be close to a deal, but it does signal its intention to play an active role in consolidating European banks in order to assert itself against US competitors, the report said.

And: The bank regularly conducts mind games about future strategic options.

Both UBS and Deutsche Bank refused to speak to Bloomberg.

For the full year 2019, UBS showed a profit of $ 4.3 billion, a year earlier it was still $ 4.52 billion.

akn / dpa

Source: spiegel

All news articles on 2020-09-21

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