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UBS CEO Ermotti won't rule out large M&A but says it is unlikely

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By Reuters
UBS CEO Ermotti won't rule out large M&A but says it is unlikely
CEO Sergio Ermotti of Swiss bank UBS smiles as he speaks at the annual news conference in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann/Files   -   Copyright  Arnd Wiegmann(Reuters)

ZURICH (Reuters) – UBS AG <UBSG.S> Chief Executive Sergio Ermotti said on Thursday he cannot categorically exclude a large acquisition but that such a deal is unlikely, given the bank’s current status as the world’s largest wealth manager.

“It is difficult to rule out M&A,” Ermotti told investors after the company released third-quarter results, adding options for a transformational deal with a big partner are limited. [nL8N1X50Y1]

(Reporting by John Miller; Editing by Alexandra Hudson)