16th Oct 2026 13:33
(Alliance News) - The UK government has sought to persuade UBS Group AG to relocate its headquarters and stock market listing to London, as the Swiss banking giant considers its options amid tougher capital requirements in Switzerland, the Financial Times reported on Friday.
Former UK Chancellor Rachel Reeves pitched London as a potential new home for UBS during discussions with the bank's Chair Colm Kelleher, according to people briefed on the talks.
The discussions included the possibility of UBS moving its legal headquarters and listing to the UK if it decided to leave Switzerland, the FT reported, with the most recent meeting taking place earlier this year.
UBS has been locked in a dispute with Swiss authorities over proposed capital requirements, which the bank says would force it to hold around USD16 billion in additional capital.
Swiss lawmakers rejected a compromise proposal last month and pushed ahead with stricter rules, prompting renewed speculation about the bank's future in Switzerland.
Although UBS has said it intends to remain based in Switzerland, Kelleher acknowledged last month that the bank could reconsider its headquarters if the regulatory requirements became too burdensome.
UBS relocating to London would significantly boost the UK financial sector. With a market valuation of around CHF129 billion, UBS would become the fourth-largest company in the FTSE 100, behind HSBC Holdings PLC, Shell PLC and AstraZeneca PLC, according to the FT.
However, the newspaper said there was no indication that UBS was actively planning to relocate to the UK or elsewhere.
By Eva Castanedo, Alliance News senior economics reporter
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