UBS’s Weber sees no deal with Credit Suisse soon

Bloomberg

UBS Group AG Chairman Axel Weber said that the bank doesn’t expect to combine any time soon with Credit Suisse Group AG because of recent executive changes at the two lenders and the time needed to undertake such a complex transaction.
His comments follow an interview by Credit Suisse departing chairman, Urs Rohner at the weekend, who gave the strongest indication yet that the bank may consider a
combination with its biggest rival, telling Swiss newspaper Schweiz am Wochenende that a combination with UBS isn’t “unreasonable” and would bring benefits.
Two months ago, Weber had rejected reports that Switzerland’s largest bank was planning to merge with its rival, even as Weber conducted a feasibility study of a mega-merger with Credit Suisse as part of a regular though-exercise on future strategic options, people familiar with the matter told Bloomberg in September. BNP Paribas SA and Deutsche Bank AG were also among potential merger partners, people with knowledge of the matter said at the time.
European banks are trying to bulk up in their home
markets before long-awaited cross-border consolidation takes hold.
While domestic mergers are heating up in countries like Spain and Italy, the lack of a common deposit plan and banking union makes deals between financial firms in different countries less attractive.