June 7, 2018 / 2:13 PM / a year ago

UBS says geopolitical uncertainties increase customers' risk aversion

ZURICH, June 7 (Reuters) - UBS could see customers shy away from risks in case of geopolitical uncertainties, its finance chief told investors on Thursday, thus pointing to potentially lower transaction fees in the bank’s wealth management business.

“In general, if you see high levels of geopolitical risk, even though markets may be performing well, we could still see our clients become very risk averse,” CFO Kirt Gardner said at an investor event in Frankfurt.

He also said organic growth was the main focus at the moment, but the bank could seek further acquisitions in countries where it doesn’t have a strong position yet. (Reporting by Angelika Gruber)

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