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UPDATE 1-UBS not focused on acquisitions in short term -chairman
September 4, 2013 / 4:11 PM / in 4 years

UPDATE 1-UBS not focused on acquisitions in short term -chairman

* UBS chairman says no deal with Commerzbank imminent

* UBS focussed on building up capital

* UBS chairman stops short of ruling out a deal in future (Adds comments by UBS chairman)

FRANKFURT, Sept 4 (Reuters) - UBS AG chairman Axel Weber said the Swiss bank was currently focused on meeting new bank safety rules, playing down speculation that the lender is about to buy a stake in Germany’s Commerzbank.

“I know what you are alluding do, I can assure you that we are focused on implementing our strategy and raising our capital level,” Weber said at an industry conference on Wednesday in response to a question about whether UBS was interested in buying Commerzbank.

Weber said that while acquisitions could not be completely ruled out, “this is not an issue in the short term, or something which is planned in a manner which would impact our process of building up capital”.

In July, German media reported that Finance Minister Wolfgang Schaeuble had spoken to Weber about the possibility of the Swiss bank buying the government’s remaining stake in Commerzbank.

Weber however stopped short of completely ruling out a possible deal. “It takes two to have a successful marriage, and I think Mr. Blessing, as a potential partner, would also have a say in all this. Should it ever go in that direction,” Weber added, referring to Commerzbank Chief Executive Martin Blessing. (Reporting by Edward Taylor, Andreas Kroener and Jonathan Gould; Editing by Maria Sheahan and Louise Heavens)

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