ST. GALLEN, Switzerland, May 6 (Reuters) – UBS CEO Sergio Ermotti on Wednesday said the Swiss bank needs to \u200cbroaden its business in the United States as he \u200cpledged to prepare for any scenario that could emerge from a parliamentary debate \u200bon proposed tougher capital rules for the lender.<\/p>\n
Speaking in the Swiss city of St. Gallen, Ermotti vowed to work until the “last minute” to ensure UBS and Switzerland kept benefiting from each other \u200camid speculation the bank \u2060could move its headquarters abroad if it found the new rules too onerous.<\/p>\n
UBS in March secured \u2060a national banking licence in the United States, and Ermotti said expanding in the United States did not necessarily need to \u200bbe via \u200ban acquisition.<\/p>\n
“We may have to \u200bdo an acquisition. We may \u200cwant to do an acquisition,” he said at the St. Gallen Symposium. “I don’t know about any big organization that can rule out acquisitions.”<\/p>\n
The government sent a bill to parliament last month that would make foreign expansion dearer for UBS. Swiss lawmakers \u200cdecided on Monday to review alternative \u200boptions for the proposed new capital \u200brules, putting off a \u200bswift decision on the matter.<\/p>\n
Lawmakers are due to \u200ccontinue debating the capital bill in \u200bAugust, likely meaning \u200bit will not face a vote by the full upper chamber of parliament before September.<\/p>\n
“I’m focused on one option, \u200bmaking UBS strong \u200cout of Switzerland,” Ermotti said, adding the bank has \u200ba fiduciary duty to prepare for any scenario.<\/p>\n
(Reporting by \u200bAriane LuthiEditing by Dave Graham)<\/p>\n","protected":false},"excerpt":{"rendered":"ST. GALLEN, Switzerland, May 6 (Reuters) – UBS CEO Sergio Ermotti on Wednesday said the Swiss bank needs…\n","protected":false},"author":2,"featured_media":62533,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[129],"tags":[33939,1549,1085,223],"class_list":["post-62532","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ubs","tag-parliamentary-debate","tag-sergio-ermotti","tag-swiss-bank","tag-ubs"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116542659907987841","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/62532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=62532"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/62532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/62533"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=62532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=62532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=62532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}