UBS Confirms No Plans to Exit Switzerland Amid Regulation Concerns
ZURICH (Reuters) - UBS has no plans to leave Switzerland, the bank's compliance and governance chief Markus Ronner said on Friday amid a debate on how to regulate the country's biggest lender.
This month the head of the Swiss Bankers Association (SBA) said UBS might consider leaving the country if authorities drew up regulations for the bank that are too onerous.
Speaking in a debate with lawmakers on national broadcaster SRF, Ronner said UBS had a very close relationship to its home country and "certainly has no plans to leave Switzerland."
Two years ago, UBS acquired Credit Suisse after its old rival collapsed, sparking calls for stricter regulation in the industry to prevent the risk of another banking crisis.
Reuters reported on Wednesday that UBS had floated the idea of capping the future size of its investment bank as a concession to head off tougher capital requirements.
(Reporting by Ariane Luthi; Editing by Dave Graham)
