ZURICH, Aug 31 — UBS will not spare "any effort” to regain assets that have left the group and its former rival Credit Suisse, Chief Executive Sergio Ermotti said today.

"Of course, (competitors) started to take advantage of the fragile situation of Credit Suisse, already during 2022,” Ermotti told analysts on a call, saying the group had so far been successful in retaining and re-attracting assets after taking over the stricken bank in June.

"Now it’s our turn to be proactive. And we will not spare any effort to regain back any lost assets,” he said.

The group, which on Thursday announced plans to fully integrate its former rival’s home market business, resulting in some 3,000 redundancies, would also focus on maintaining the size of its Swiss business, he said.

"We want to keep our market share in Switzerland. Switzerland is strategic — absolutely strategic — for the group. And we will not want to lose any of the market share we have today,” Ermotti added. — Reuters