UBS CEO: 90% CET1 Capital Proposal for Foreign Units Not a Real Compromise
UBS CEO Criticizes Proposed Capital Requirements
ZURICH, Sept 22 (Reuters) - UBS CEO Sergio Ermotti said on Tuesday a proposal to make the bank back its foreign units with 90% Common Equity Tier 1 capital instead of 100% CET1 is not really a compromise, urging the country to pursue a more moderate course.
Background on Capital Rules Vote
The upper house of parliament is on Wednesday due to vote on new capital rules drawn up for UBS following the 2023 collapse of Credit Suisse. The government wants UBS to back its foreign units with 100% CET1 capital. UBS says this is excessive.
Ermotti's Remarks at Industry Event
Ermotti was speaking at a Bank of America event.
Reporting and Editing
(Reporting by Ariane LuthiEditing by Dave Graham)
