Following up on its recognition last year as Euromoney’s Best bank for wealth management in Western Europe in our Awards for Excellence, UBS is now recognised as the leader in the region for high net-worth individuals.
Amid strong competition in this category, and strategic adjustment in the bank’s wealth management business – led by Iqbal Khan – it continues to deliver first-rate advice, service, products and solutions to its clients right across Europe, contributing to a stronger financial performance by the European business last year compared with other regions.
Indeed, while 2022 profit before tax fell compared to 2021 in the Americas and Asia Pacific, it increased to $817 million and $1.49 billion in Switzerland and Europe respectively (including Middle East and Africa). Together with this, net new fee-generating assets grew at the highest rate year on year in Europe (up 20.3%), and the Swiss and European businesses maintain the lowest cost-to-income ratios at 55.2%