Brexit won’t be detrimental to London: UBS Chairman
(11 November 2015 – United Kingdom) The chairman of UBS, Alex Weber, has said that Britain will receive a “very favourable deal” should the country separate from the EU, ensuring that the London does not lose its status as a key financial hub.
Speaking at Wall Street Journal event in London, he said: "It won't undermine the UK as a financial centre,”
“But it would be more challenging to get market access.”
He added that the UK would still be able to get a good deal if the upcoming referendum chose to exit the European Union, hence continuing to provide UK firms good access to the mainland market.
"If the UK were to leave the EU I think there would be two or three years of heightened uncertainty but pretty much the same rights," Mr Weber said.
"The UK would get a very favourable deal with the EU to maintain a large part of market access to the EU.”
The bank, which employs about 5,000 people in the UK, is building a major new office in London, a clear sign of its intent to keep substantial operations in the UK regardless of whether or not British voters choose to stay in the EU.
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