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UBS Group is reportedly considering moving its headquarters from Switzerland if the country prescribes the bank to increase its capital reserves by an additional SFR22.05 billion (25 billion USD), Bloomberg reported.
This potential step is to respond to the efforts of Switzerland to tighten the bank regulations after the collapse of the Credit Suisse from 2023.
The increased capital requirement could increase UBS’s main capital rates to about 20% compared to 14%.
When UBS was interviewed about the potential move, she referred to an interview with the CEO Sergio Ermotti in January in Bloomberg TV, in which he explained: “I don’t think it is a topic that can even be considered at that time to move away from Switzerland.”
The Swiss government wants to strengthen the banking regulations that UBS pronounced, and argues that higher capital requirements would increase the costs of companies and households.
UBS, founded in Switzerland in 1862, acquired Credit Suisse after his collapse.
The bank announced its results in the fourth quarter of 2024 and in the full year in the last month and said that it was optimistic to complete the integration of Credit Suisse by the end of 2026, and would like to achieve $ 13 billion in gross costs by the end of next year.
In Q4 2024, UBS reported a net profit The shareholder of $ 770 million compared to a loss of $ 279 million in the previous year.
The Swiss group’s total turnover rose by 7% during this period and reached $ 11.63 billion in the fourth quarter of 2024, compared to USD USD $ 10.86 in the second quarter of 2024.
The global asset management unit contributed $ 6.12 billion to turnover in the fourth quarter of 2024, while the income for wealth management management was $ 766 million for the quarter.
The cost/income rate of UBS improved in the fourth quarter of 2024 to 89% compared to 105.7% in the fourth quarter of 2023.
UBS achieved a net profit that is due to the shareholders of $ 5.08 billion from $ 27.37 billion a year from 2024, while the total revenue rose by 19% to $ 48.61 billion compared to the previous year. The year closed with a capital rate of 14.3%.
At the beginning of this month, UBS received the approval of the China Securities Regulatory Commission to sell a share of 36.01% at Credit Suisse Securities (China), which are limited to the state asset management of Beijing. The bank will maintain a participation of 14.99% in the China unit.
“UBS Mullling Swiss Headquarters move to the investment requirements” was originally created and published by Private Banker Internationala brand of globaldata.
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