UBS Says Swiss Capital Rules Should Be Aligned Globally

UBS AG, Switzerland’s biggest bank, said capital requirements for the country’s largest banks should be set at a lower level than proposed by the government until it’s clear what regulators elsewhere demand of their lenders.

The total capital requirements for UBS and Credit Suisse Group AG should first be set at 13 percent, compared with the 19 percent proposed by the government, UBS said today in a written response to the proposed law, which seeks to regulate too-big-to-fail banks. The bank’s statement was obtained by Bloomberg News and its contents were confirmed by Serge Steiner, a spokesman for Zurich-based UBS.