Blick reports that at least eight foreign banks signalled interest to UBS in a possible merger or combination, citing an insider. Switzerland’s upper house voted Wednesday to back tougher capital rules that UBS estimates could require about $18 billion in extra capital.
Semafor separately reported Friday, citing people familiar with the matter, that UBS management had revived discussions on reducing its exposure to Swiss regulation, including a possible combination with a foreign bank. UBS was not immediately available for comment.
Before Wednesday’s vote, Chairman Colm Kelleher warned UBS could reconsider its Swiss base if the capital rules were too harsh. Finance Minister Karin Keller-Sutter said over the weekend that a departure was unlikely, saying relocation would cost more than complying with the new capital rules and would be legally complicated.
