UBS Says Credit Suisse Clients Are Coming to Bank ‘Proactively’
- Chairman says UBS not actively seeking to win rival’s clients
- Credit Suisse facing client outflows amid confidence crisis
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Clients of Credit Suisse Group AG concerned over the turmoil the bank is currently experiencing are approaching Zurich rival UBS Group AG as an alternative for their investments, UBS Chairman Colm Kelleher said.
“We are not actively benefiting at their expense,” Kelleher said at a conference in London on Wednesday. “We view them as a worthy competitor, going through a crisis which I believe they will manage and get to safer ground. But we are also in a world of clients moving money around, where clients proactively approach us.”