Britain govt held talks With UBS over potential London move – report
Britain’s Labour government discussed whether UBS could move its headquarters and stock market listing to London if the bank chose to leave Switzerland over new capital rules, reported the Financial Times.
Rachel Reeves raised the prospect with UBS chair Colm Kelleher while she was chancellor, according to people briefed on the discussions.
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The conversations covered a possible transfer of UBS’s legal headquarters and listing to the UK if the lender decided to redomicile.
The latest meeting took place earlier this year, the people said.
UBS has an existing UK operation, employing about 8,000 people in investment banking, wealth management and asset management.
Its arrival would materially affect the London market. UBS is valued at SFr129bn ($100bn), which would make it the fourth-largest FTSE 100 company, after HSBC, Shell and AstraZeneca.
The issue has gained attention following the Swiss parliament’s decision last month to proceed with stricter capital requirements.
UBS said the rules would require it to hold around $16bn of additional capital. Lawmakers rejected a compromise plan.
UBS has continued to state that it intends to remain in Switzerland. However, Kelleher said last month that the lender could review its Swiss base if the regulatory requirements became too demanding.
The Financial Times has previously reported that the UBS board reviewed contingency options related to the capital reforms, including redomiciling. There is no indication that the bank is currently preparing a move to the UK or elsewhere.
In May, UBS chief Sergio Ermotti said the bank needs a wider business base in the US while it prepares for all possible outcomes from the Swiss parliamentary debate over stricter capital requirements.
Senior UBS executives held discussions with officials in Donald Trump’s administration last year about a possible US relocation.
