“UBS is not looking to take advantage of Credit Suisse’s difficulties”, says its president


(Corrects title misprint and §4)

ZURICH, Nov 30 (Reuters) – UBS is not actively taking advantage of the difficulties facing Credit Suisse, its chairman Colm Kelleher told a Financial Times banking conference on Wednesday.

Credit Suisse has seen strong capital outflows and expects a heavy loss in the fourth quarter as wealthy clients turn away from the Swiss bank.

“We’re not actively taking advantage of that at their expense. We see them as a worthy competitor going through a crisis that I think they can handle,” Colm Kelleher said.

“But clearly we’re also in a world where customers move their money, so when customers proactively approach us, we either let the money come to us or we let it go to our US competitors and on this base, we do what we can”, said the president of UBS.

High net worth clients of UBS, the world’s largest wealth manager, have never held so much cash since the financial crisis in 2008, he added. (Report Noele Illien and Oliver Hirt, French version Lina Golovnya, edited by Kate Entringer)










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