UBS is About to Shake Up the Wealth Management Scene in Australia

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UBS prepares to shake up the Australian market with its newest wealth management solutions.

UBS is considering re-entering the wealth management market in Australia, which it left eight years ago with a spin-off. This move comes as UBS works through its recent acquisition of Credit Suisse for 3 billion Swiss francs ($4.9 billion).

The biggest wealth manager in the world sees Credit Suisse’s private banking business as a valuable addition to its global strategy. Additionally, UBS views its merger with a major wealth management firm in Australia as essential to extend its reach in Asia.

“UBS’s largest global business is wealth management, which is at the core of our company,” said Nick Hughes, joint country head and chief operating officer for UBS Australasia. “We acknowledge the achievement of Credit Suisse’s private bank in Australia and are excited to enhance it further.”

UBS has deemed Credit Suisse Australia’s profitable wealth management department as the prized aspect of the takeover. Once under the UBS brand, Credit Suisse’s private banking sector is predicted to be integrated with UBS’s current wealth management services in nearby regions.

“We aim to continue the growth of Credit Suisse wealth management in Australia, which has been successful,” said Michael Marr, head of wealth management for Australia and New Zealand at Credit Suisse.

“The UBS merger will provide the foundation to build on this success.”

UBS claims that its strategies for wealth management in Australia will remain untouched. The merger is expected to lead towards a more substantial presence, with both companies working together to serve clients better and provide more comprehensive services.

Besides providing banking solutions, UBS will offer advice on financial planning and investments. UBS plans to expand its wealth management services across Australia to help Australians grow their wealth over the long term.

UBS is confident that it will build a strong presence in the Australian market and become one of its clients’ leading financial advice providers.

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