(Bloomberg) -- UBS Group AG’s Sergio Ermotti said European banks won’t be able to compete with Wall Street unless the bloc finishes work on unifying markets for banks and capital.

Speaking at an event in Cernobbio, Italy, the chief executive officer said the region shouldn’t just rely on crises such as the near-collapse of Credit Suisse to prompt bank mergers. UBS acquired Credit Suisse in a government-orchestrated rescue about a year ago.

The integration of the former rival is going well, Ermotti told reporters earlier, while cautioning that combining the two banks is a “marathon” that will last several years and not a sprint. 

Being able to step in and rescue Credit Suisse has been a benefit for UBS also because it has improved how clients around the globe perceive the firm, he said.

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