Zurich/New Delhi: Swiss banking major UBS
on Tuesday said it aims to achieve the target of about 15 billion
Swiss francs (around USD 14.7 billion) pre-tax profits per
year over the next three to five years.
UBS reported a loss of 564 million Swiss francs in third
quarter of 2009.
However, UBS saw some improvement sequentially, as it had
a net loss of 1.4 billion Swiss francs in the second quarter.
The continuing transformation of UBS and the execution of
the business strategies presented to investors would enable it
to meet specific goals over medium term (3-5 years), it said
in a statement.
"The transformation we are undertaking is a fundamental
one and it will not happen quickly. I am determined, however,
that we build a firm for sustainable profit and not one to
focus only on short-term expectations," UBS Group Chief
Executive Officer Oswald J Grubel said.
The company said its Asia business would assist all
divisions in meeting their medium-term targets. Asia Pacific
is firm's most integrated region, where UBS is eyeing 66 per
cent revenue growth to 8.5 billion Swiss francs.
"We are building a new UBS: one that performs to highest
standards and behaves with integrity and honesty...I am
convinced that changing the way we engage and serve clients
will enable us to achieve medium-term financial targets to
which we are committing ourselves," Grubel added.
Bureau Report
First Published: Tuesday, November 17, 2009, 18:58