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.
Last month, the country indicated that the bank would need to build roughly $20bn in additional buffers to help prevent a repeat of the failures that brought down Credit Suisse.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
At an event in St. Gallen, Ermotti said he would keep working until the “last minute” to preserve the mutual benefits between UBS and Switzerland, against a backdrop of talk that the lender could shift its headquarters overseas if the planned rules were judged too heavy.
UBS obtained a national banking licence in the US in March. Ermotti said a larger US presence would not have to depend on a takeover.
He said: “We may have to do an acquisition. We may want to do an acquisition.
“I don’t know about any big organisation that can rule out acquisitions.”
The Swiss government sent draft legislation to parliament last month that would raise the cost of overseas expansion for UBS, reported Reuters.
Recently, lawmakers chose to examine other approaches to the proposed capital framework, postponing a rapid decision.
Further discussion of the bill is scheduled for August, which means a vote in the full upper house is unlikely before September.
“I’m focused on one option, making UBS strong out of Switzerland,” Ermotti said, adding that the bank has a fiduciary duty to be ready for any scenario.
He also commented on the issue of who could eventually succeed him as chief executive, saying he was content with the internal field of candidates, reported the Business Times.
When asked whether he would consider taking the chair role, he said: “I’m focused on my current role.”
Ermotti returned to UBS to steer the bank through the 2023 rescue of Credit Suisse.
UBS has said previously that he is expected to stay in the top job at least until early next year, with possible successors coming from both inside and outside the group.
UBS net profit attributable to shareholders surged 80% year-on-year to $3.04bn in the first quarter of 2026, driven by gains across all core segments.
