Macroeconomics and geopolitics will make 2024 «another uncertain year», according to UBS chairman Colm Kelleher during the Swiss bank's Shanghai conference.
Various headwinds are at play in 2024 including a slowing economy, greater tensions in international relations and more. According to UBS chairman Colm Kelleher this will reduce predictability.
«On the macroeconomic and geopolitical front, we are in for another uncertain year with great potential for surprises,» Kelleher said during the 24th UBS Greater China Conference.
China Commitment
In China, the bank’s local country manager Eugene Qian spoke about expansion at the two-day conference in Shanghai on Monday, highlighting a memorandum of understanding signed with ICBC last year to explore strategic collaborations across asset management, wealth management and corporate banking.
«China continues to be the world’s second-largest economy and wealth creation hub and is a key market for UBS,» Kelleher said. «We remain committed to our onshore growth strategy, and we are in a unique position to provide access to China to international investors, as well as to support Chinese companies and investors who want to go global.»
CS Integration
Kelleher also commented on the bank’s ongoing integration with Credit Suisse as well as plans to operate the enlarged entity in a more conservative manner.
«We have already achieved important milestones and aim to substantially complete the integration for the Group by the end of 2026,» he said. «Our strategy remains unchanged and is accelerated by the acquisition of CS. We will apply the UBS model, which is less reliant on the balance sheet and on risk taking and is anchored by Swiss values. Our growth ambitions are focused on wealth and asset management.»
