While Asia is admittedly undergoing a slowdown with various headwinds in the near future, it will be able to overcome the challenges, said UBS’ Iqbal Khan, who likened the region to the US and its historical success in enduring crises.
Financial services in Asia face various challenges moving forward. An economic slowdown could impact wealth generation, albeit still outperforming mature markets in the West.
The new US administration is threatening to impose tariffs which could further dampen growth. Ongoing geopolitical tensions have also increased the risk of sanctions.
Overcoming the Hurdles
Nonetheless, UBS' newly appointed APAC president and co-head of wealth management Iqbal Khan remains optimistic about the region's ability to overcome the hurdles.
«It's actually quite comparable to the US itself […] and how the US typically maneuvers through crises, including the Great Financial Crisis. I think there are a lot of parallels,» Khan said during a fireside chat at the «PWMA Wealth Management Summit 2024» attended by finews.asia.
Entrepreneurial Spirit
Khan also spoke about the mindset of many in Asia, where he relocated to Hong Kong to become UBS’ first divisional president based in the region on September 1.
«What I have found really remarkable, having spent time in the US and Europe, growing up in Zurich, Switzerland, has been the entrepreneurial spirit in Asia,» he said. «When you have conversations with clients in the mainland, Singapore and Southeast Asia, generally, there's a perspective of wanting to do business.»
Credit Suisse Takeover
On the takeover and integration with Credit Suisse, Khan said that the enlarged bank will be «stronger, broader, deeper» due to various complementary factors, including client mix.
«UBS is a powerhouse and is very strong in North Asia and Greater China, and Credit Suisse was really stronger in Singapore, Southeast Asia. That combination is actually giving us good diversification,» he noted.
