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UBS Chairman Colm Kelleher wants to stay in Switzerland.
sda
Colm Kelleher, Chairman of the UBS Board of Directors, has rejected speculation that the bank's headquarters will move abroad. Instead, he is insisting on a compromise in the dispute over stricter capital rules.
At the "Bilanz Business Talk" in Zurich, UBS Chairman of the Board of Directors Colm Kelleher was unusually outspoken. The discussion centered on the planned capital requirements for systemically important banks. Finma is demanding an additional billion-euro buffer from UBS. Kelleher described the amount of the demands as "unfeasible" and warned of disadvantages in international competition.
At the same time, he refuted rumors that the bank was considering relocating its headquarters. "We will do everything in our power to stay in Switzerland - we want to be a Swiss icon that the country is proud of," he said. A report in the "New York Post" had previously suggested that talks were already underway with the USA.
The discussion about a possible departure has been simmering for some time. In March 2025, Bloomberg reported that UBS was considering a foreign domicile if policymakers stick to additional capital requirements of around 25 billion francs. In September 2025, the activist investor Cevian increased the pressure: Cevian declared that Switzerland was "not compatible" as a location with such high capital requirements. The investor holds 1.4 percent of the shares in UBS.
A possible relocation was already being discussed as a threat in 2017. The then and current CEO Sergio Ermotti did not completely rule out the scenario. Now, however, Kelleher has made it clear that a compromise with the Swiss authorities is the only way forward for the bank.
Kelleher called for a "viable middle way" between stability and competitiveness. UBS had already built up tens of billions. Further requirements must be designed in such a way that neither taxpayers nor the financial center are weakened.
During the "Bilanz" talk, Kelleher was critical of the recent breakdown in communication with the Department of Finance. Following the PUK investigations into the Credit Suisse rescue, the relationship of trust had been damaged. His appeal: "We must return to a situation in which we trust each other."
At the same time, the 68-year-old hinted that he would not remain in office for another seven years. He sees CEO Sergio Ermotti as a possible successor - after a cooling-off period to avoid conflicts of interest.
