ZURICH (Reuters) -UBS said on Monday it wants to continue operating from Switzerland in response to a report that UBS chair Colm Kelleher and U.S. Treasury Secretary Scott Bessent had privately discussed moving the bank’s headquarters to the U.S.
The Financial Times reported Kelleher and Bessent discussed the matter as the Zurich-based lender continued to explore contingency plans to leave Switzerland if the Swiss government did not back down on incoming new capital rules.
“As we have said repeatedly, we want to continue to operate successfully as a global bank out of Switzerland,” UBS said in an email to Reuters.
Bank insiders say UBS has examined the possibility of moving as part of contingency plans. In September, the New York Post said the bank was considering a move to the United States in response to the proposed Swiss capital requirements.
U.S. Treasury Department did not immediately respond to requests seeking comment.
(Reporting by Oliver Hirt; Editing by Emelia Sithole-Matarise)
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