UBS might need to find $15-billion to $25-billion in additional capital to comply with the proposed new requirements from Switzerland’s government
executives on Wednesday told shareholders that the bank has major concerns about the Swiss government’s recently announced plan to hit the country’s largest lender with tougher capital requirements.
The Zurich-based UBS acquired its long-term rival last year following Credit Suisse’s meltdown that roiled global financial markets and stirred fears that the enlarged bank could upend the Swiss economy if it ran into trouble. The takeover prompted the government to craft a plan aimed at making the banking system more robust and to prevent a possible UBS collapse, although the timeline for changes remains unclear with a long legislative process still pending.
“UBS is not too big to fail,” he said, noting that it was one of the best-capitalized banks in Europe.Speaking at the meeting, UBS CEO Sergio Ermotti said the merger of the Swiss entities of the two banks should occur before the end of the third quarter, and that difficult decisions still lay ahead during the Credit Suisse integration.
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