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Speaker 1: Secha, Thank you so much for speaking to Bloomberg. Look

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Speaker 1: when you look at the combination, it seems to be

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Speaker 1: going at pace. You seem to be on top of it.

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Speaker 1: What's been the hardest, Well.

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Speaker 2: The hardest is at the end of the day, is

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Speaker 2: to manage both the fact that we are going through

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Speaker 2: a massive exercise, the first ever merger between two GCPY banks.

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Speaker 2: But at the same time we have to stay close

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Speaker 2: to clients, serve clients, fulfill their expectations, helping them to

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Speaker 2: navigate this challenging microeconomic and geopolitical times. And so that's

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Speaker 2: the biggest challenge. But I'm very happy the way we

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Speaker 2: are executing on the strategy. We are making very good

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Speaker 2: progress and we are also looking forward to complete our

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Speaker 2: integration in a speedier way.

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Speaker 1: Were you relieve that there weren't any nasty surprises?

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Speaker 3: Yes, I mean I think that.

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Speaker 2: I always felt that disintegration is not risky. It's complex

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Speaker 2: and it takes time, it takes.

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Speaker 3: Focus, it takes dedication.

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Speaker 2: Of course, we have to We cannot underestimate that the

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Speaker 2: situation at Cretiswiz was as a situation that was clearly

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Speaker 2: indicating that the business was not viable any longer.

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Speaker 3: Critiswiz has a very strong.

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Speaker 2: People, clients, franchises, product capabilities, but the business model was

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Speaker 2: not There was not the right to want any longer.

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Speaker 3: And I think.

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Speaker 2: That the excellence is the excellence part of Cretiswizz now

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Speaker 2: as part of UBS can flourish and make UBS stronger.

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Speaker 1: What will happen to the Credit.

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Speaker 2: Swis brand, the Critiswist brand, you know, outside Switzerland, we

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Speaker 2: will phase it it out. We may keep it for

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Speaker 2: niches situation, but the brand that we will use outside

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Speaker 2: Switzerland will be UBS. In Switzerland until the end of

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Speaker 2: twenty twenty four, we will keep both brands as we

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Speaker 2: go through the integration of the Swiss operations.

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Speaker 1: You talk about the complexities, of course, I mean this

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Speaker 1: is a masterful job that you needed to do. How

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Speaker 1: important was it to really almost get everything done or

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Speaker 1: have a blueprint today so that customers, so that a

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Speaker 1: lot of your also employees knew what was going to happen.

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Speaker 3: Yeah.

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Speaker 2: Of course, we announced the transaction five months ago. We

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Speaker 2: closed it in June, and so everybody has an expectations

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Speaker 2: that we have an answer for everything. But so we

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Speaker 2: made a commitment, for example, in the Swiss case where

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Speaker 2: people were waiting for our answers, we made a commitment

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Speaker 2: to to to go deeper and really analyze every possible option.

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Speaker 3: At the end of the day, we did it as

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Speaker 3: fast as possible. The outcome was crystal clear.

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Speaker 2: The best option is to integrate and that will help

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Speaker 2: to get to give at least visibility and about the

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Speaker 2: future to many of our people and our clients. But

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Speaker 2: although nothing will really change between now and twenty twenty

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Speaker 2: four for clients, and we're going to make it smooth

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Speaker 2: for clients to be onboarded in at UBS.

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Speaker 1: How much political pressure are you getting.

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Speaker 2: Not a lot of political pressure. I think that, you know,

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Speaker 2: I think that's in general in Switzerland. I would say

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Speaker 2: people do understand that we were asked to step in

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Speaker 2: to stabilize a situation and the UBS has demonstrated through

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Speaker 2: its strengths in terms of capital, business diversification and clear

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Speaker 2: strategy that could be part of the solution. So the

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Speaker 2: political environment is quite supportive also because of the fact

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Speaker 2: that we have been very swift in giving back the

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Speaker 2: guarantees and all the government support when when not necessary.

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Speaker 1: Do you feel like like people are nostalgic about what

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Speaker 1: could have happened, you see, you know, you're very focused

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Speaker 1: and at the end of the day, this is a business.

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Speaker 3: Yes, there is that.

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Speaker 2: There is an element of you know, which is understandable.

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Speaker 2: I mean, we are talking about a brand and a

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Speaker 2: legacy that has one hundred and seventy years, was a

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Speaker 2: pioneer in many of the Swiss economic developments, and so

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Speaker 2: we are not downplaying that. But the reality of today

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Speaker 2: of Credit Swiss is a reality that needs a deeper

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Speaker 2: structuring and as we go through that, we have to

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Speaker 2: look forward. What is the best for Switzerland, what is

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Speaker 2: the best for clients, what is the best for employees,

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Speaker 2: And there is no room for nostalgic considerations as we

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Speaker 2: do that.

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Speaker 1: Sergier when you look at the au ms and the

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Speaker 1: the net new flows, how much of it are actually

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Speaker 1: coming from UBS, Well, I.

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Speaker 2: Think that first of all, I think it's very important

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Speaker 2: to see that already in the second quarter at Crete Swiss,

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Speaker 2: although we April and May were still negative out, negative

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Speaker 2: flows in, they saw positive influence after the closing, so

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Speaker 2: good momentum clients coming back at UBS. We add the

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Speaker 2: second the best court, the best second quarter in a

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Speaker 2: decade in terms of lenue money sixteen billions, so quite impressive.

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Speaker 2: And now as we speak in the third quarter, we

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Speaker 2: see inflows on both platforms, not only in wealth management

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Speaker 2: or also in the Swiss Bank, and which is a

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Speaker 2: testament on how much.

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Speaker 3: Clients really believe in our story.

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Speaker 2: And it's a testament to the dedication of our people

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Speaker 2: in staying close to clients during those difficult times. And

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Speaker 2: clients are rewarding us with loyalty. And we are counting

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Speaker 2: on taking back as much as possible of the two

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Speaker 2: hundred billions that we lost in the last few quarters.

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Speaker 1: Where's that money coming from? Again, when you look at markets,

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Speaker 1: it's pretty volatile, so it's pretty incredible that you have

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Speaker 1: money coming.

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Speaker 2: In from other banks or or you know, a lot

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Speaker 2: of clients moved away and parked the money in other places.

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Speaker 2: And uh and and uh and and and of course

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Speaker 2: we are able also despite the fact that we lost

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Speaker 2: some talented people. You know, we are seeing that clients

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Speaker 2: are are holding up to their assets with us, and

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Speaker 2: they are not necessarily moving all their assets to the

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Speaker 2: new employer of the people that left. And our focus

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Speaker 2: is really to retain assets and to regain back assets.

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Speaker 1: So to talk to me a little bit about what

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Speaker 1: that means going forward, For for example, how you deal

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Speaker 1: with some of the risk your clients, So you know,

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Speaker 1: the clients that could be subject to sanctions or could

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Speaker 1: be seen as tax evaders.

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Speaker 2: Well, look, you know, in general, we we we are

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Speaker 2: continuing to implement.

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Speaker 3: Our our our.

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Speaker 2: Framework in terms of UH risk profile of clients or activities.

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Speaker 2: Is not this similar to the one of pretty Swiss?

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Speaker 2: What people under sanctions are is a completely different category

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Speaker 2: of people. I mean there is no room for you know,

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Speaker 2: people who are evading their tax liabilities. I mean, you know,

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Speaker 2: of course we may have discovered that somebody is arbitraging.

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Speaker 3: The system and escaping it.

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Speaker 2: But you know, of course we are we have zero

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Speaker 2: zero room, zero tolerance for that kind of business.

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Speaker 1: How much are you expecting inflows to increase as markets

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Speaker 1: could stabilize because of what you know central banks are doing.

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Speaker 3: Yeah, I think that.

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Speaker 2: Look, first of all, we are still counting on on

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Speaker 2: wealth creation growth. I mean, if you look at our ambitions,

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Speaker 2: as I mentioned before, we have a dimension of integrating

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Speaker 2: and managing the day to day but also growing our

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Speaker 2: business and as the economy grows, our clients monetize situations.

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Speaker 2: We want to grow our asset base, our share of

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Speaker 2: wallet those clients, and again, you know our our our

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Speaker 2: focus right now is to regain back as much as

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Speaker 2: possible of those two hundred billion's UH credit swits lost

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Speaker 2: in in in the last few quarters.

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Speaker 1: So you're basically flying a plan whilst building a new plan.

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Speaker 1: What takes up most of your.

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Speaker 2: Time building at these stages is a lot of talking

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Speaker 2: on integration, and I keep I keep a little bit

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Speaker 2: of focus also on on of future growth.

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Speaker 3: I need to I need to almost almost play.

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Speaker 2: Around, you know, my time, but the vast majority of

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Speaker 2: my time is on integration.

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Speaker 3: On managing the bank. But I can't really uh forget that.

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Speaker 2: This is one new is one step in the evolution

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Speaker 2: of UBS, and as I look forward, we need to

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Speaker 2: prepare UBS also for the future. So this is this

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Speaker 2: is something that is very good because Critsuitist is not

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Speaker 2: really changing our strategy.

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Speaker 3: It's complementing our strategy. It's accelerating our strategy.

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Speaker 2: We're going to manage five point five trillions or we

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Speaker 2: are managing five point five trillion dollars of assets right

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Speaker 2: across private and institutional clients. So this is huge and

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Speaker 2: allow us to really think about how can we now

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Speaker 2: go to the next level. So now we are very

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Speaker 2: focused on integration, on executing our current plans, but we

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Speaker 2: can't forget that the competition and the market is evolving

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Speaker 2: and we need we need to stay very focused.

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Speaker 1: When you look at the deal, it also looks like

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Speaker 1: a good deal. Do you think the eighty one's had

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Speaker 1: a hard time? Given you know where we are now.

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Speaker 2: I guess that any averagely sophisticated person looking at the

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Speaker 2: results that we are published today will come to its

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Speaker 2: own conclusion.

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Speaker 1: What that credit switz look?

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Speaker 2: Well, I guess I think that's you know, it's no

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Speaker 2: way when you look at these things from our standpoint

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Speaker 2: of view, it is crystal clear that over that weekend

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Speaker 2: the bank was not viable anymore, and it was not

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Speaker 2: just an issue of liquidity. I mean, this is a

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Speaker 2: very simplistic definition of the situation. Some liquidity would have

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Speaker 2: both a little couple of weeks, but the structural issues

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Speaker 2: that were there needed.

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Speaker 3: To be addressed.

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Speaker 1: Who's to blame for that?

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Speaker 3: It's not for me to blame people. We are here

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Speaker 3: to be part of the solution.