UK Government Courted UBS Over London HQ Move

(MENAFN- Swissinfo) Former UK Chancellor of the Exchequer Rachel Reeves pitched the City of London as an alternative home for the Swiss bank, which is weighing its options amid new capital proposals. Select your language

Generated with artificial intelligence. Listening: UK government courted UBS over London HQ move This content was published on October 16, 2026 - 11:16 4 minutes Simon Foy, Financial Times

Britain's Labour government sought to persuade UBS to shift its headquarters and stock market listing to London in the event of the bank relocating out of Switzerland because of strict new capital rules.

Rachel Reeves pitched London as a potential new home for UBS in discussions with the bank's chair Colm Kelleher during her time as chancellor, according to people briefed on the talks.

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The pair discussed the possibility of UBS moving its legal headquarters and listing to the UK if it were to redomicile, the people added, with the most recent meeting taking place earlier this year.

The discussions illustrate how foreign governments have attempted to court Switzerland's biggest bank while it is mired in a protracted political battle over regulatory reforms in its home market.

UBS relocating to London would represent a major coup for the UK, with its valuation of CHF129 billion ($157 billion) making it the fourth-largest company in the FTSE 100, behind only HSBC, Shell and AstraZeneca.

UBS already has a significant presence in the UK, where it employs about 8,000 people across investment banking, wealth management and asset management.

The bank suffered a setback last month when Swiss lawmakers pressed ahead with strict new rules that the lender said would require it to hold about $16 billion of additional capital, rejecting a compromise proposal.

>> How new Swiss capital requirement rules have sparked debates about a possible UBS move:

More More Swiss Economy 'Switzerland has spoken'. Will UBS leave?

This content was published on Oct 9, 2026 New regulations will leave lender with options ranging from retaining billions of dollars of additional capital to shrinking international operations.

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