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UBS looking at ways to cooperate with other banks, CEO says

UBS looking at ways to cooperate with other banks, CEO says
FILE PHOTO: CEO Sergio Ermotti of Swiss bank UBS speaks at the annual news conference in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann -
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Arnd Wiegmann(Reuters)
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FRANKFURT (Reuters) – UBS <UBSG.S> Chief Executive Officer Sergio Ermotti said on Wednesday that the bank was looking at cooperating with other banks as a way to deal with the challenges of the industry.

Speaking at a banking conference in Frankfurt, Ermotti said that the lender wasn’t only looking at mergers with other banks. “We are also looking at how we can cooperate between banks in the front-to-back value chain in a complementary way,” he said.

(Reporting by Tom Sims; Editing by Tassilo Hummel)

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