October 25, 2018 / 5:21 PM / 4 months ago

UBS CEO Ermotti won't rule out large M&A but says it is unlikely

CEO Sergio Ermotti of Swiss bank UBS smiles as he speaks at the annual news conference in Zurich, Switzerland January 22, 2018. REUTERS/Arnd Wiegmann/Files

ZURICH (Reuters) - UBS AG Chief Executive Sergio Ermotti said on Thursday he cannot categorically exclude a large acquisition but that such a deal is unlikely, given the bank’s current status as the world’s largest wealth manager.

“It is difficult to rule out M&A,” Ermotti told investors after the company released third-quarter results, adding options for a transformational deal with a big partner are limited.

Reporting by John Miller; Editing by Alexandra Hudson

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