UBS Chief Executive Sergio Ermotti said the bank views acquisitions in the United States as a strategic lever to accelerate expansion of its wealth management and investment banking services. He emphasized exploring deals in North America to diversify revenue streams and gain scale in key markets.

UBS has appointed Rick Penafiel as market executive for South Florida, assigning him to oversee client relationships and business development across the Miami metropolitan area. Penafiel will lead regional teams to boost ultrahigh-net-worth and institutional client engagement in a market with robust wealth growth.