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ZURICH, Sept 27 (Reuters) - Several major foreign banks have expressed their interest in a possible merger or combination with Switzerland's UBS, a Swiss newspaper said on Sunday.
FILE PHOTO: A UBS logo is pictured on the branch of the Swiss bank in Lucerne, Switzerland, June 14, 2024. REUTERS/Denis Balibouse/File PhotoZURICH, Sept 27 - Several major foreign banks have expressed their interest in a possible merger or combination with Switzerland's UBS, a Swiss newspaper said on Sunday.
At least eight banks have signalled interest to UBS, Blick reported, citing an insider with knowledge of the matter. UBS, which was not immediately available for comment, was dealt a blow when Switzerland's upper house voted on Wednesday in favour of tougher capital rules that the bank estimates could require it to hold about $18 billion in additional capital. Ahead of the vote, chairman Colm Kelleher warned that UBS could rethink its Swiss base if capital rules were too harsh.
On Friday, Semafor reported that UBS management had revived discussions on ways to reduce its exposure to Swiss regulation, including through a possible combination with a foreign bank, citing people familiar with the matter. Switzerland's finance minister, Karin Keller-Sutter, said at the weekend it was unlikely that UBS would leave its Swiss base as it would be more expensive than the new capital rules and legally complicated.
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