Finma Chief Pushes Full Capital Backing of UBS’s Foreign Units
- Swiss watchdog will scrutinize UBS’s structure, Walter says
- New CEO of financial supervisor gives first public speech
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The new chief executive of the Swiss banking watchdog Finma said UBS Group AG should provide 100% capital backing to its foreign units, a move that aligns with the government’s plans to significantly increase the bank’s capital requirements.
“The Credit Suisse crisis starkly illustrated the vulnerability of the parent banks,” Stefan Walter said on Tuesday at a banking conference. “In the case of UBS, we support full capitalization of the parent bank’s subsidiaries.”