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UBS warns of moving out of Switzerland
By Jonathan Lynn |
November 30, 2009, Monday
|
Print Edition
Print Edition
SWISS bank UBS is threatening to move its headquarters out of Switzerland if the authorities impose too many new rules in the wake of the global financial crisis, Swiss weekly paper Sonntag CH reported yesterday.
Oswald Gruebel, chief executive of Switzerland's biggest bank by assets, had made the threat in a speech to businessmen, citing the possibility that the authorities would force major banks to reorganize as holding companies, the paper said.
A UBS spokeswoman declined to comment on the report.
Gruebel spoke to the Zurich Business Club last Thursday at a closed-door event at which reporters were not present.
The idea of forcing banks in Switzerland to operate as holding companies is part of the discussion on supervising banks deemed "too big to fail."
Switzerland's relatively small economy is dominated by two mega-banks, UBS and Credit Suisse.
Swiss National Bank Vice-Chairman Philipp Hildebrand, noting total banking assets are more than seven times the size of Swiss gross domestic product, said earlier this month that the country urgently needed tougher regulatory standards than other countries given the relative size of its banks.
The government bailed out UBS in October 2008.
Oswald Gruebel, chief executive of Switzerland's biggest bank by assets, had made the threat in a speech to businessmen, citing the possibility that the authorities would force major banks to reorganize as holding companies, the paper said.
A UBS spokeswoman declined to comment on the report.
Gruebel spoke to the Zurich Business Club last Thursday at a closed-door event at which reporters were not present.
The idea of forcing banks in Switzerland to operate as holding companies is part of the discussion on supervising banks deemed "too big to fail."
Switzerland's relatively small economy is dominated by two mega-banks, UBS and Credit Suisse.
Swiss National Bank Vice-Chairman Philipp Hildebrand, noting total banking assets are more than seven times the size of Swiss gross domestic product, said earlier this month that the country urgently needed tougher regulatory standards than other countries given the relative size of its banks.
The government bailed out UBS in October 2008.
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