UBS Chair Colm Kelleher expressed concern that Switzerland's proposed stricter capital requirements for major banks could harm the country's financial sector dominance.
ZURICH - UBS Chair Colm Kelleher warned on Sunday that the Swiss government's plans to strengthen capital requirements for big banks could damage the country's position as a financial centre.
"What I really have a big problem with is the increase in capital requirements. It just doesn't make sense," he said about the so-called"too-big-to-fail" report. Kelleher declined to comment on figures, but said that excessive capital requirements would damage competitiveness and lead to less favourable prices on banking products for customers.
UBS - which has a balance sheet double the size of annual Swiss economic output - would pose dire risks for the Swiss economy if it were to collapse, experts have warned. "Although we are a global bank, the heart of UBS is our Swissness," he said, adding there was"no question" the lender would quit its home country.
Banking Switzerland Capital Requirements Financial Sector UBS
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