The chair of Swiss-based banking firm UBS Group AG (SWX:UBSG) has made it clear that the bank has no plans to purchase rival, Credit Suisse Group AG (SWX:CSGN). UBS Chair, Colm Kelleher said that his firm is focussed on organic growth rather than acquisitions. He also has plans to expand in the US.

The firms are believed to have discussed a merger two years ago.