{
  "id": 10456519,
  "title": "UBS-Aktie auf 18-Jahre-Hoch: Die Anleger lassen sich vom Streit um das Eigenkapital nicht abschrecken",
  "url": "https://urgent.news/2026/09/28/ubs-aktie-auf-18-jahre-hoch-die-anleger-lassen-sich-vom-streit-um-das",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-28T13:22:31.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/ubs-aktie-auf-18-jahre-hoch-die-anleger-lassen-sich-vom-streit-um-das-eigenkapital-nicht-abschrecken-ld.10025738"
  },
  "original_language": "de",
  "account": "The UBS shares have hit an 18-year high as investors remain confident despite the ongoing dispute between the federal council and the bank over the level of equity. Analysts continue to monitor the discussions and media speculation about the UBS potentially moving its headquarters outside Switzerland. The conflict between the federal council and UBS is expected to persist for several more months, with Bern fearing a future crisis at the large bank that could bring the entire country into significant financial distress. On the other hand, UBS is concerned about its international competitiveness due to additional equity increasing its capital costs.\n\nNZZ.ch requires JavaScript for essential functions, but its browser or ad blocker currently blocks this. The bank's share price has not been significantly impacted by the confrontation so far. As of now, UBS shares are trading around 41 francs, marking the highest level since the financial crisis 18 years ago. For 2026, the annual high is projected at 12 percent, with the highest price reached in early September at 45 francs. UBS shares performed exceptionally well over the past three years, more than doubling in value, thanks to the company's strength, successful integration of Credit Suisse, and a favorable market for bank securities. Interest rates have been rising globally, creating a good capital market environment and generally favorable sentiment among investors towards financial assets. Many bank stocks have shown strong growth since 2023, with Deutsche Bank shares tripling during this period.\n\nIn the second half of September, UBS shares experienced a slight correction of around 8 percent, but this was not strongly linked to the equity dispute discussion. Other banks, such as Deutsche Bank, also saw slight declines. On Wednesday, the Ständerat (Senate) mainly rejected a compromise proposal to increase the minimum capital requirements for UBS's foreign subsidiaries to 90 percent. UBS considers this an \"excessive tightening\" of capital requirements, which would be among the strictest in the world. The UBS believes the proposal would force them to raise an additional 16 billion dollars in capital. Additionally, the proposal would result in 2.5 billion dollars in additional capital costs per year due to the Credit Suisse acquisition.\n\nThe Ständerat in the National Council, however, is now mainly focusing on finding a potential compromise, mainly with the FDP and SVP parties. The strict stance of the Ständerat against UBS has fueled speculation that the bank might relocate its headquarters out of Switzerland, either independently or through a potential merger with another international major bank. On Friday, the American news website Semafor reported that UBS might leave Switzerland. The shares of the major bank rose by nearly 1 percent on that day. According to Ausano Cajrati Crivelli, a financial analyst at the Zurich Cantonal Bank (ZKB), there is currently no solid evidence for these media speculations about a potential UBS merger. Such media reports might positively influence investor sentiment, she notes. Generally, there is always an option for banks to merge or be acquired, explains Crivelli. Whether this is attractive for shareholders depends on the specific conditions, such as the partner bank, the structure of the merger, and the transaction price. Analysts generally believe that a possible merger of UBS with another major bank, mentioned frequently is Morgan Stanley and Deutsche Bank, is still far away. They see no indication for this at the moment, according to a senior analyst from a larger German bank who did not want to be named. Moreover, it would be unreasonable to pursue a merger solely for the purpose of relocating the headquarters. Many financial analysts are also observing the debate over stricter capital requirements for Swiss banks. While the potential new capital requirements might be manageable for banks from an evaluation and operational standpoint, they could create negative competition effects, according to Crivelli. A Citigroup analyst agrees that the 90 percent capital requirement for UBS's foreign subsidiaries is feasible but acknowledges the competitive disadvantages UBS would face compared to international competitors. Martin Peter from the Landesbank Baden-Württemberg (LBBW) in his recent analysis of UBS noted that the dispute over the appropriate level of hard equity could impact the stock price in the short term, yet UBS already has a solid capital base with a hard equity ratio of 14.4 percent as of the end of June. Moreover, UBS is a key player in global wealth management. The ZKB also recently pointed out in a report that a 90 percent capital requirement among international comparisons is at the upper end of regulatory recommendations. Therefore, it makes sense for UBS to see this as an \"excessive tightening,\" but not from the perspective of creditors, who would view additional equity as positive under otherwise stable conditions. A final decision on the capital requirements is unlikely to be made this year, according to experts.",
  "summary": "Der Bundesrat und die UBS streiten unversöhnlich über die Höhe des Eigenkapitals. Analysten blicken gelassen auf die Diskussionen und die Medienspekulationen über eine Abkehr der UBS von der Schweiz.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}