UBS CEO reaffirms bank’s commitment to Switzerland

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UBS CEO reaffirms bank’s commitment to Switzerland

UBS boss Sergio Ermotti has again dismissed relocation rumours, stressing the Swiss bank’s commitment to Switzerland as its headquarters. + Get the most important news from Switzerland in your inbox “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 …

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