Rumors the UBS country head for Singapore is returning to Switzerland have proven unreliable, research by finews.asia shows.

Last week, Zurich-based «Inside Paradeplatz» reported the country head of UBS for Singapore August Hatecke, and co-head of wealth management in Asia, was returning to Zurich headquarters. UBS media offices in Singapore, Hong Kong, and Zurich declined to comment on the matter.

As research by finews.asia shows, a decision has yet to be made, and will come in a few weeks at the earliest and once the integration of Credit Suisse has been completed. An important step towards that will be the delisting of Credit Suisse shares next week after the last trading day on June 12, as finews.asia reported.

In Tandem

Talk of Hatecke returning to Zurich is premature, especially since he has expressed to those close to him that he likes Singapore very much and could well imagine staying longer since arriving in 2016.

During his time there, he has become an integral figure in Asia, succeeding in tandem with the co-head of wealth management and Hong Kong CEO, Amy Lo, positioning UBS as the undisputed number one in wealth management.

Rapid Integration Expected

In addition to the business, he is involved in promoting women in leadership positions and the investment industry, as well as in the arts, where UBS was the main sponsor of the new ART SG art fair earlier this year. Hatecke worked for UBS before, between 1992 and 2001, joining Credit Suisse from 2001 to 2010 before returning to UBS.

According to reports from within Credit Suisse, several employees are hoping for rapid integration into the «new» UBS, particularly since current business has come to a virtual standstill in numerous areas. Among other things, Credit Suisse reported last week it shelved its growth plans for an onshore presence in China, which it had propagated just a few months ago.

Avoiding Political Pressure

The integration of Credit Suisse staff into UBS Wealth Management in Asia should be relatively straightforward, according to additional reporting, with the process smoother the further away from headquarters that it is taking place. There is also agreement a stand-alone solution by Credit Suisse makes little sense.

The fact that UBS in Switzerland has left this question open until now is aimed at keeping political pressure as low as possible until Credit Suisse is integrated. In this respect, there are indications that UBS will not operate an independent Credit Suisse Switzerland in the medium term.