ZURICH (Reuters) -UBS is looking at every option to respond to capital requirements proposed by the Swiss government and intends to publish formal comments before the end of the month, CFO Todd Tuckner said on Tuesday.
The capital proposals are part of a plan to tighten Swiss banking rules following the 2023 collapse of Credit Suisse, which was subsequently acquired by UBS.
The key proposal, which must still pass parliament, requires UBS to fully capitalise its foreign units, which could make growth abroad more expensive and has led the bank to consider several mitigation strategies, including moving headquarters.
“All response measures are being considered, including the costs and the trade-offs of each,” Tuckner said at a banking conference in London, noting that it was too early to say how the bank would respond as rules were still being debated.
Tuckner reiterated the importance that UBS attaches to the United States as the world’s biggest wealth market, calling it “fundamental to our growth strategy” and “foundational to what makes us special.”
The New York Post reported at the weekend that UBS was considering moving to the U.S. to evade the new Swiss capital rules. UBS executives have repeatedly stressed that the bank wants to remain in Switzerland.
(Reporting by Ariane LuthiEditing by Dave Graham)
