UBS exploring options abroad in case Swiss rules prove intolerable, sources say
Switzerland is crafting new regulation for banks in response to the 2023 collapse of Credit Suisse.
UBS is considering various scenarios, including shifting its headquarters or merging with another bank, if Switzerland implements strict new banking rules, according to three sources familiar with the matter. Switzerland is creating new regulations for banks in response to the 2023 Credit Suisse collapse, and a Lower House committee will debate the rules passed by the Upper House in October, which UBS believes are intolerable.
A faction within UBS is evaluating options such as listing smaller banks in the United States for potential acquisition and the possibility of being taken over itself. However, there are no active discussions, and UBS remains tight-lipped about speculation. The bank is closely monitoring Parliament's proceedings and has previously stated that they do not comment on such matters.
In 2026, the British government and UBS discussed a potential move to London if the bank were to redomicile. UBS obtained a US banking license in March and is keen to expand its business in the United States. Morgan Stanley is considered the ideal theoretical match for UBS, as UBS chairman Colm Kelleher previously worked there and holds a high-ranking position.
The Swiss government aims to back UBS's foreign units with 100% CET1 capital, which could exceed US$20 billion, making it expensive and legally complex for UBS to relocate.
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