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.
+ 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.
More
More
UBS: the bank that outgrew a country
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.
More
More
UBS allegedly considering moving headquarters to the US
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.
More
More
June 14 vote: Swiss set to reject cap on population, says poll
Translated from French with AI/sb
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch.
