UBS on Monday said its U.S.-based brokerage business is not up for sale.
The unit posted a 6% decline in 2nd-quarter profit before tax. It is “critical” to the Swiss bank’s overall private banking strategy, Chief Executive Sergio Ermotti told analysts following its results.
Emotti said, “It’s not so hard to see why this strong business, with its strategic and financial importance, looks attractive to our competitors, but it’s worth even more to UBS and its shareholders, and that’s why it’s not for sale”.
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