(Bloomberg) — UBS Group AG executives recently met with officials from President Donald Trump’s administration as they evaluate a potential strategy shift that could help the Swiss bank combat stiffer capital requirements at home, the New York Post reported on Sunday.
Steps could include the purchase of a US bank or a merger, the newspaper said, citing sources it didn’t identify.
UBS, when contacted by Bloomberg for a response to the report, referred to recent comments by Chief Executive Officer Sergio Ermotti that it’s “too early” to comment on potential scenarios on what the bank’s response might be to the proposed requirements.
Ermotti described these as “very punitive and excessive” in a Sept. 11 interview with Bloomberg Television, and said UBS “will need to think how we protect our shareholders’ and stakeholders’ interests.” He also emphasized the bank’s intention to keep its base in Switzerland, saying it’s “a good factor for the Swiss economy.”
Bloomberg has previously reported that UBS is exploring moving its headquarters outside Switzerland if the country sticks to its demand that the bank hold extra capital, a move the bank says would restrict its ability to compete.
The lender has been lobbying the Swiss government to amend the proposals that could end up forcing it to hold as much as $26 billion in additional capital.
Switzerland, still reeling from the shock of Trump’s decision to impose a 39% tariff on products from the country last month, has sought UBS’s support in helping it get better trade terms, which could offer the lender an avenue to improve ties with the government in Bern.
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