UBS group faces higher costs leaving Switzerland

Swiss Finance Minister Karin Keller-Sutter confirmed that UBS’s departure from Switzerland to avoid stricter capital rules would be costly and legally complex, and that remaining is the best option to preserve the Swiss banking model and stability. These remarks came after a Swiss parliamentary vote requiring UBS to increase its capital by $16 billion to support its foreign branches, which hampers its ability to compete globally. The group reiterated its commitment to facing these regulations in order to achieve a balance between compliance and growth.

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