(MENAFN- Swissinfo) UBS chair Colm Kelleher and US Treasury secretary Scott Bessent have privately discussed moving the bank's headquarters to the US, as the Zurich-based lender explores contingency plans to leave Switzerland if the government does not back down on new capital rules. This content was published on November 17, 2025 - 14:07 4 minutes Ortenca Aliaj and Simon Foy in London, Mercedes Ruehl in Zurich and Claire Jones in Washington, Financial Times

Kelleher and Bessent held talks in recent months about what a move to the US would look like for the lender, with the Trump administration receptive to welcoming one of Switzerland's most prized assets, according to three people familiar with the conversation.

External Content

The talks with Bessent are part of an ongoing effort by Kelleher to put pressure on the Swiss government over proposed capital requirements that would force UBS to hold an additional $26 billion (CHF20.7 billion) of capital, a move UBS has described as“extreme” and disproportionate.

The uncertainty surrounding the planned changes has weighed on the bank's share price, and a public and private lobbying campaign by the lender's management has so far yielded few results.

UBS has argued that the new requirements go further than those required of global peers and would reduce its ability to compete internationally.

Meanwhile, the Swiss government has said it needs to shore up the country's banking system to avoid another Credit Suisse-style collapse. UBS acquired its crosstown rival in 2023 in a state-orchestrated rescue.

“As we have said repeatedly, we want to continue to operate successfully as a global bank out of Switzerland,” UBS said.

More More Workplace UBS CEO Ermotti: 'we never threatened to leave Switzerland'

This content was published on Sep 30, 2025 UBS CEO Ermotti assures the bank never threatened to leave Switzerland amid regulatory debates.

Read more: UBS CEO Ermotti: 'we never threatened to leave Switzer

MENAFN17112025000210011054ID1110356280