UBS (UBSG.S) has been a net gainer in customer balances following its rescue of Credit Suisse (CSGN.S), Chairman Colm Kelleher said on Wednesday, citing positive feedback from wealthy clients.
Bank mergers can sometimes lead to turbulence, with clients withdrawing their cash, although this tended to happen very quickly, Kelleher told a WSJ event in London, while some clients come back.
“We’re seeing a total slowdown in all that stuff,” Kelleher said, “And we’ve seen that UBS is a net gainer in its own right of balances and so on.
Read More : UBS Chairman Foresees Rise in Customer Balances After Credit Suisse’s Rescue