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Report: UBS is not considering a merger: chairman

UBS Group AG is not looking for a merger despite speculation of a potential tie-up with Deutsche Bank AG, Reuters reported, citing Chairman Axel Weber's interview with German-language newspaper Tages-Anzeiger.

Weber told the newspaper that speculation of mergers in Europe and the U.S. tend to mostly be simulation games.

"UBS is much stronger today than before the financial crisis, but combining with another bank — no matter which — would be premature at this moment," Weber said.

Weber said group level mergers make "little sense" since they "paralyze" companies for years, according to the report.