UBS CEO reaffirms bank’s commitment to Switzerland

UBS boss Sergio Ermotti. Switzerland’s number one bank became even bigger on March 19, 2023 when it took over its failing competitor Credit Suisse, with the blessing of the Swiss authorities. Keystone-SDA

UBS boss Sergio Ermotti has again dismissed relocation rumours, stressing the Swiss bank’s commitment to Switzerland as its headquarters.

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“We absolutely want to stay in Switzerland and prosper here,” Ermotti told the Swiss Economic Forum (SEF) in Interlaken on Thursday. In his view, a strong UBS strengthens Switzerland, and a strong Switzerland strengthens UBS.

Tensions over stricter capital requirements – particularly the Federal Council’s push for full equity backing of UBS’s foreign units – have fuelled speculation about a potential move, which the bank opposes.

The dispute between Switzerland’s leading bank and the federal government over the strengthening of its capital base has repeatedly fuelled rumours of relocation. The Federal Council wants UBS foreign subsidiaries to be fully covered by equity capital, but the bank strongly opposed such a measure.

As parliamentary discussions on the so‑called “Lex UBS” get under way, Ermotti said UBS would work to ensure decisions are based on facts rather than “emotion or scaremongering,” and pledged the bank would “accept and respect” the final outcome.

He also rejected the Swiss People’s Party’s “No Switzerland for 10 million” immigration initiative ahead of the June 14 vote saying it was “not the right solution”, while acknowledging the need to address public concerns to avoid more radical proposals.

Translated from French with AI/sb

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