Chapter 1: What is the main topic discussed in this episode?
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This is the 26th annual GCC here in Shanghai. We've been covering a lot of them, and we are very pleased to bring in the guest of honor. Not the guest, he's the host. I'm the guest here at the GCC, and that is Sergio Almaty, UBS Group CEO. Thanks so much for having us here this again. What is your message to the 3,600 or thereabout participants here at the GCC this year?
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Chapter 2: What concerns does Sergio Ermotti have about Swiss banking regulations?
Yeah, look, when I look at Asia, in general, the integration is over, it's done. So I think that we completed the integration actually in 2024. Mainly in Asia, across the board, the investment bank has been closed and asset management the same. So as I just mentioned, we are hiring both in China, but broadly speaking also in Asia, in Japan, for example.
We've been expanding our capabilities and leveraging really the complementarity of Credit Suisse and UBS together where we not only have a broader footprint in terms of capabilities but also of geographic footprint.
How would you assess how your businesses in Asia are doing versus other regions, whether it's Europe or the United States?
Well, look, Asia has been growing very fast in the last, probably the biggest engine of growth in nominal terms is accounting for around a quarter to 30% on average in the last five years of our profits. So as I mentioned, we manage more than a trillion of assets. Out of the seven trillion, we manage globally.
So it's a growing, steady growing business, which when you look at the engine of growth, GDP growth is definitely going to help. Four and a half percent in China is quite significant. important, but it is a driver for growth in the entire region. We are selectively gaining some market shares in areas where we want to compete.
And last but not least, this monetization, this IPO calendar is very important to our wealth management business because this is really helping us to drive new money and new assets into our wealth management franchise.
Well, speaking of that IPO pipeline in Hong Kong, it's been quite strong. A lot of the new economy companies, but there are also concerns of the new economy companies, whether it's Minimax or others, that profitability, just like the AI companies in the United States and Western markets, that sustainability is not necessarily, it doesn't have a lot of visibility.
What's your views on whether we're in a bubble and how long that potentially could still last?
I don't know if we are in a bubble or not, but of course, when you see this kind of multiples and performances, you have to ask yourself, is this a repeat of what we saw in maybe another time? 2001? Exactly, the TMT bubble and so on and so forth. I would say that in general, first of all, our advice is very clear. Diversification, no concentration of risk around the sector.
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Chapter 3: How is UBS adapting to the changing landscape of Asian markets?
But what we want to set is the scene for growth. to be able to hire again and grow. And in that sense, in order to be able to grow, we need a competitive regulatory framework. And we fully understand the necessity of taking the lessons learned. from what happened at Credit Suisse.
But we believe that the current proposals are not really reflecting what happened at Credit Suisse and are going too far. And therefore, we are contributing in the debate with our views on the matter. But this is now a political process. We hope we're going to get more clarity by the second half of the year.
Second half of the year. Are there compromises that you would potentially accept and that conditions of doing business Is it a hindrance, obviously, to be still domiciled in Switzerland?
Look, first of all, a compromise is usually between two people.
negotiating something we are not in a negotiation that is a political process and therefore we need to see what's coming out as I said our role right now is to make sure on behalf of our shareholders our employees our clients and in general to the public that we contribute our views on the matter but you know we want we are we are a Swiss bank we are very proud to be a Swiss bank is that we believe that is a
is a differentiating factor. We believe this is good for Switzerland and we want to continue to operate as a Swiss bank.
So it's not necessarily a compromise because, as you said, that would be a negotiation, right? But are you confident that they will come up and there will be a resolution that will be...
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Chapter 4: What trends are emerging in deal flow from China?
acceptable to UBS?
I cannot be confident about that. I think that I'm pleased to see that there is a political interest to go deeper and fully understand the details of this. It's very important to understand the details of what's going on. So such an important decision cannot be taken out of emotions or by people trying to drive the agenda by fear.
What are your opportunities do you see in the United States? Obviously, your chairman has talked to Scott Besson and those massive market rumors that was possibly about discussing moving to the United States. But we also know that Mr. Kelleher wants to boost a wealth management in the United States. What are the opportunities there?
Well, first of all, I have to say that we are in regular dialogue with many key stakeholders around the world in government's regulatory framework regularly, so there is nothing exceptional when we speak with one or the other officials. But, of course, the U.S., together with this region and China, likely to continue to be two engines of growth.
It's very important for us to continue to be competitive and present in the U.S. like we want to continue to be strong in Asia and in our own country, Switzerland.
Sergio Armani, thanks so much for your time and having us here at the GCC 2026.
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