The CEO of UBS Group AG (SIX:UBSG), Sergio Ermotti, has noted a promising trend in the recovery of funds that were previously withdrawn by clients from Credit Suisse (SIX:CSGN) prior to its acquisition. This observation was shared during an interview conducted in Beijing on Monday.
Ermotti remains uncertain about the possibility of retrieving the entire approximate $200 billion that was removed. However, he suggested that a substantial portion of the funds might be recouped over several financial quarters. Despite acknowledging that a complete recovery might be virtually unattainable, Ermotti's goal is to regain as much of the lost funds as feasible.
The CEO's comments indicate that while full recovery might be a challenging task, there is a positive progression towards regaining a significant portion of the funds. This development is crucial for UBS Group AG as it aims to restore stability and confidence following the acquisition of Credit Suisse.
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