UBS Chair expects mergers

Weber Grill

'Consolidation will certainly happen'.

Reuters reports that Swiss bank UBS's chairman Axel Weber expects mergers among smaller banks in Europe, mainly in the retail sector, while larger lenders were less likely to join up due to regulatory concerns.

'Consolidation will certainly happen among smaller banks,' Weber said in a speech at the university in Frankfurt on Wednesday, adding that there were too many retail banks in Europe.

'Mergers among large (banks) are from my point of view more or less impossible,' Weber said.

The European banking sector is going through a clean-up driven by the European Central Bank that will take over as new centralised euro zone supervisor in November.

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UBS chairman says smaller banks to merge, large banks already too big

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