At least eight foreign banks have signalled interest in a merger or combination with UBS, a Swiss newspaper reports. The approach comes days after Switzerland's upper house backed tougher capital rules that could require UBS to hold about $18 billion in additional capital, though the finance minister calls a departure from Switzerland unlikely.
At least eight foreign banks have signalled interest in a possible merger or combination with UBS, Swiss newspaper Blick reported Sunday, citing an insider with knowledge of the matter. UBS was not immediately available for comment.
The interest surfaces just days after Switzerland's upper house voted Wednesday in favor of tougher capital rules that the bank estimates could require it to hold about $18 billion in additional capital. Ahead of the vote, chairman Colm Kelleher warned UBS could rethink its Swiss base if the capital rules were too harsh.
Building on that pressure, Semafor reported Friday that UBS management had revived discussions on ways to reduce its exposure to Swiss regulation, including through a possible combination with a foreign bank, citing people familiar with the matter.
Yet Switzerland's finance minister, Karin Keller-Sutter, said at the weekend that it was unlikely UBS would leave its Swiss base, since doing so would be more expensive than the new capital rules and legally complicated.
Source: All News
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