UBS reaches for the assets of wealthy Eastern Europeans

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Doubling of business, UBS prejudice to the assets of rich OsteuropäerDer big Bank, floats, customers from money houses to solicit, the be in all the crisis worse. The Plan, however, goes back to Iqbal Khan.oli/sda4 Kommentare4Die Bank have demonstrated in the crisis, such as a solid was prepared: UBS wants to double its business in Eastern Europe.Photo: Arnd Wiegmann/Reuters

The UBS wants to collect with the rich Eastern Europeans in the coming years, billions of new money. “We believe that we can double the business over the next four to five years,” said head of Caroline Kuhnert in a Tuesday Interview published by the Reuters news Agency.

In the Region, in countries such as Russia and Poland, Greece and Israel, managed the big banks are currently assets in the order of magnitude of a medium-to-high two-digit billion Dollar amount.

With a total of 2.3 trillion dollars, UBS, the world’s biggest wealth managers for rich private customers. However, the core of the Wealth Management division could not meet the expectations of the least always. In January, of rival Credit Suisse abgeworbene Iqbal provided Khan and his Co-division head Tom Naratil their March plan to stimulate the business.

New people

in addition to the introduction of flatter hierarchies occupied Khan and Naratil also a number of Management positions in Europe. Kuhnert took over the leadership of the Eastern European wealth management business. The Austrian convened last week, two more women in key positions.

Kuhnert has made a lot of. “We want to be in all of our business units is the most profitable company (in the Region),” she said. Drivers, among other things, the close cooperation with the investment banking group and the Expansion of the lending business were.

in Addition, the UBS have demonstrated in the crisis, such as a solid was prepared. Thus, customers were now easier to move, to transfer a larger part of their assets from other institutions to UBS.

Already, the UBS with respect to the managed assets and its market presence of the largest foreign asset Manager in the Region. The institution serving Eastern European clients in Russia, Poland and Israel, but also from London, Monaco, Singapore and Switzerland.

gain market shares in the face

aiming “I believe that we can gain market share,” she said. The positive Trend had already begun prior to the Corona-crisis, in the past few months, but amplified. In the business of Credit Suisse or the U.S. giant JP Morgan are, in addition to other active.

In the eye of the UBS, especially entrepreneurs with assets of 5 to 100 million dollars have. Many of them had become in the technology industry, rich. A total of about 300 UBS employees covered by Kuhnert was responsible for the Region. “We’re looking at, of course, the recruitment of staff,” she said. Because customers are increasingly operated through digital channels, is not a substantial increase in the number of digits necessary.

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