UBS CEO Ermotti: ‘we never threatened to leave Switzerland’

Sergio Ermotti, CEO of Swiss bank UBS, says he is confident that a good solution will be found regarding the bank’s capital requirements in Switzerland. +Get the most important news from Switzerland in your inbox The company addressed journalists on the day of the presentation of its official response to the consultation launched by the Swiss government on the amendment of the Capital Adequacy Ordinance. The planned regulatory changes are not secondary to the discussion on the other topic of the capitalisation of foreign subsidiaries, explained Markus Ronner, the company's Chief Compliance Officer, who is responsible for the regulatory compliance of all activities. At stake is 15% of the capital. However, UBS is confident that the authorities will now carefully examine the submitted document. “Our hope is based on the fact that Switzerland has always adopted reasonable regulations,” the executive added. For his part, Ermotti confirmed that there is clear pressure from UBS investors ...