BASEL, Switzerland, April 24 (Reuters) – UBS (UBSG.S), opens new tab executives on Wednesday told shareholders that the bank has major concerns about the Swiss government’s recently announced plan to hit the country’s largest lender with tougher capital requirements.
“We are seriously concerned about some of the discussions related to additional capital requirements,” UBS Chairman Colm Kelleher said at the bank’s annual general meeting in Basel.
“Additional capital is the wrong remedy.”
UBS might need to find $15 billion to $25 billion in additional capital after Switzerland’s government laid out plans for how to police banks deemed “too big to fail” to shield the country from a repeat of the collapse of Credit Suisse.
Despite this prospect, Kelleher said UBS remained committed to distributing excess capital to shareholders via dividends and share repurchases.
“UBS is not too big to fail,” he said, adding that it is one of the best-capitalized banks in Europe.
Source: REUTER
Post a comment
Related Posts
August 27, 2024
China’s PDD suffers $55 bln market cap wipeout after flagging an uncertain market
China’s PDD Holdings (PDD.O), opens new tab missed market estimates for quarterly revenue on Monday, and downbeat…
August 27, 2024
JPMorgan Chase is sued over low rates on cash sweeps
JPMorgan Chase (JPM.N), opens new tab has been accused in a new lawsuit of sweeping customers’ idle…
August 23, 2024
HSBC to double UK wealth business as banks target ‘mass affluent’
HSBC aims to double the assets under management (AUM) in its British wealth business to…
August 23, 2024
Investors rush to money market funds before Fed rate cut, BofA says
Investors poured $37 billion into cash-like money market funds (MMFs) in the week to Wednesday,…
