Current UBS top executive Iqbal Khan has absolved himself from any responsibility in the Greensill scandal linked to the former Credit Suisse. Meanwhile, he announced ambitious growth.

Former Credit Suisse top manager and head of UBS’ global wealth management business, Iqbal Khan, has in an interview with «NZZ am Sonntag» (paid article) rejected all accusations that he shares responsibility for the collapse of Greensill fund as he was a member of the Credit Suisse executive board until 2019.

«I’ve never met Mr. (Alexander) Greensill, nor have I ever had a conversation with him.» Khan added that neither internal nor external investigations by the Swiss Financial Market Supervisory Authority (FINMA) had found any misconduct on his part. The turmoil affecting Greensill’s supply chain funds was one of the reasons why Credit Suisse fell into financial distress and eventually collapsed.

Horrendous Losses

«UBS has been provided with all the findings and reports. And, as (UBS CEO) Sergio Ermotti said recently, I have his trust and that of the Board of Directors. That’s what truly matters to me. I’ve no control over the rest or other people’s agendas,» Khan added. The losses related to Greensill’s financial products resulted in horrendous losses for Credit Suisse. Various lawsuits are still pending.

Khan also announced ambitious growth plans in the US during the interview. According to Khan, clients believe UBS should serve as a counterbalance to the oligopoly of US banks. «We have the unique opportunity to be a fully global bank, based in Switzerland.»

Candidate for the Succession

The 47-year-old is also one of the candidates to eventually succeed CEO Ermotti. UBS Chairman Colm Kelleher even addressed the issue of Ermotti’s successor at an international conference in London this week, as reported by finews.com. «But the discussion has come too early,» Khan explained in the interview, especially as Ermotti’s legacy is «huge». The UBS executive added that the bank has set itself the goal of acquiring $150 billion in new client assets per year.

Global Presence

Addressing the concerns that UBS’s size could pose a risk, Khan said that the bank’s global presence is actually an advantage, as it will provide more stability and make the business more predictable.