September 4, 2013 / 3:36 PM / in 4 years

UBS chairman says not focused on acquisitions in short term

FRANKFURT (Reuters) - UBS AG UBSN.VX chairman Axel Weber said the Swiss bank was focused on meeting new bank safety rules rather than pursuing acquisitions, pouring cold water on speculation that the lender is about to buy a stake in Germany’s Commerzbank (CBKG.DE).

“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”.

Reporting by Edward Taylor, Andreas Kroener and Jonathan Gould; Editing by Maria Sheahan

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