(27 March 2025 – Switzerland) UBS may relocate its global headquarters (HQ) from Switzerland to Singapore if significantly increased regulatory capital requirements become too onerous in the bank’s view.
UBS is examining the potential relocation of its headquarters if Switzerland follows through on its intent to impose an extra US$25 billion capital requirement on the bank.
According to NZZ am Sonntag, moving the bank’s HQ abroad would come at a steep price, triggering Swiss withholding tax on retained earnings for an estimated tax bill of up to 10 billion francs.
Senior UBS executives are also bunkering down to fight a potential hostile foreign takeover attempt Dominik Buholzer reports for finnews.asia.
“We will make our case until the last minute in making sure people understand not only the risk we may pose, but also the benefits we create for the country. Moving away is not a topic for me at this stage” UBS CEO Sergio Ermotti commented earlier.
Relocating its HQ abroad would be a massive rupture for UBS, whose more-than-160-year history has been intimately linked to the fortunes of the country and would likely face significant obstacles. The lender’s brand heavily relies on Switzerland’s appeal as a haven for the money from the ultra-rich.