Finance Minister: UBS Exits Costlier for Switzerland

Swiss Finance Minister Karin Keller-Sutter explained that UBS's decision to leave Switzerland to avoid stricter capital rules would be costly and legally complex. She noted that closing its branch there would cause it to lose Swiss banking status and threaten its stability and business model rooted in Switzerland. This comes after Parliament approved a plan requiring UBS to hold more capital to support its foreign branches, with the group estimating that an additional $16 billion in capital would be needed. The group believes that these reforms will weaken its ability to compete globally, and it continues to resist these regulations.

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