UBS Chairman Says Swiss Capital Plan Is ‘Wrong Remedy’
- CEO Ermotti: Integration of Credit Suisse may hit profits
- UBS defends stance on coal after dropping Credit Suisse plan
Colm Kelleher on April 24.
Photographer: Pascal Mora/BloombergThis article is for subscribers only.
UBS Group AG Chairman Colm Kelleher said that the Swiss government’s proposal to require the bank to hold substantially more capital is the “wrong remedy” to the failings that brought down Credit Suisse over a year ago.
“We are seriously concerned about some of the discussions related to additional capital requirements,” Kelleher said at the bank’s annual general meeting in Basel, Switzerland, on Wednesday. “It is imperative that our regulatory policies ensure a level playing field. In other words, Switzerland’s regulation must remain broadly aligned with global standards.”