UBS Chairman Colm Kelleher: «We Want to be a Swiss Icon»
Talks of a possible relocation abroad are swirling. At an event in Switzerland, Chairman Colm Kelleher stunned with his remarks.
One thing is clear: the tougher capital requirements for systemically important banks proposed by the Swiss Federal Council go too far for UBS’s leadership.
If the government’s plan were implemented, UBS would have to raise up to $24 billion in additional capital buffers. Speaking at the «Bilanz Business Talk» in Zurich, Colm Kelleher dismissed the idea as «unworkable». UBS has already set aside $18 billion, he said, and requiring more would undermine its international competitiveness.
UBS, he stressed, is not a risky institution like the former Credit Suisse. Kelleher called for a sustainable middle ground – one that protects the bank, taxpayers, and Switzerland’s financial center.
Respect for Swiss Finance Minister
What surprised even more were Kelleher’s words about Swiss Finance Minister Karin Keller-Sutter. «I have great respect for Karin Keller-Sutter. She has achieved incredible things and has been recognized worldwide for it,» the 68-year-old said, referring in particular to her handling of the Credit Suisse crisis.
At the same time, he lamented that communication with the Finance Ministry had stalled after the parliamentary investigation (PUK). «We need to get back to a situation where we trust each other and can find a workable compromise,» he stressed.
Informal Conversations
Kelleher also clarified that UBS had not entered into negotiations in the US about a possible relocation, contrary to what some American media had reported. Instead, he said, certain parties had approached UBS, leading only to informal conversations.
«We will do everything in our power to remain in Switzerland. We want to be a Swiss icon that the country can be proud of,» Kelleher declared.
