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UBS Group AG (NYSE:UBS) shares are trading lower on Wednesday.
Sabine Keller-Busse, UBS’s Switzerland country head, affirmed the bank’s steadfast commitment to its domestic market, addressing public concerns about its plans, reported Reuters.
Keller-Busse told a conference in northern Switzerland, “Underpinning this commitment, we aim to maintain our loan book in Switzerland at around 350 billion Swiss francs [$411 million].”
The loans include corporate loans, private loans and mortgages.
UBS has faced intense scrutiny since its acquisition of Credit Suisse last year, which followed the rival’s financial troubles and eventual collapse.
UBS leadership criticized Credit Suisse’s unsustainable business model and low credit terms, suggesting a need for re-pricing. This has fueled speculation that UBS might reduce its loan portfolio in Switzerland.
However, Keller-Busse noted that Switzerland accounts for about 30% of UBS’s capital and revenues, underscoring its importance to the bank.
Last month, UBS placed a real estate fund from its former competitor Credit Suisse, valued at over $2 billion, into “orderly liquidation.”
In August, UBS reported second-quarter FY24 sales of $11.9 billion, up 25% Y/Y, beating the consensus of $11.3 billion and EPS of $0.34, beating the consensus of $0.12.
Investors can gain exposure to the stock via Avantis International Equity ETF (NYSE:AVDE) and American Century ETF Trust Avantis Responsible International Equity ETF (NYSE:AVSD).
UBS Price Action: UBS Group shares are up 0.52% at $28.78 at publication Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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