UBS CEO Ermotti won't rule out large M&A but says it is unlikely

ZURICH (Reuters) - UBS AG Chief Executive Sergio Ermotti said on Thursday he cannot categorically exclude a large acquisition but that such a deal is unlikely, given the bank's current status as the world's largest wealth manager.

"It is difficult to rule out M&A," Ermotti told investors after the company released third-quarter results, adding options for a transformational deal with a big partner are limited.

(Reporting by John Miller; Editing by Alexandra Hudson)