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UBS departure would be catastrophic, says Zurich cantonal government president

By Reuters News

ZURICH, Nov 5 (Reuters) - If UBS UBSG.S were to leave Switzerland, the consequences for tax revenues and Swiss companies would be severe, Carmen Walker Spaeh, Zurich's economic affairs chief and current president of the cantonal government, told Swiss newspaper NZZ in an interview published on Thursday.

"That would be a catastrophe, not just for Zurich but for the entire Swiss economy," she was quoted as saying.

  • No one benefits if Switzerland places constraints on UBS that threaten its competitiveness, Walker Spaeh told NZZ.

  • The Zurich-based lender faces costlier regulation under rules Swiss officials are crafting in response to the 2023 collapse of Credit Suisse.

  • UBS is assessing the long-term consequences of the proposed change for its ability to compete from its Swiss base, CEO Sergio Ermotti said last week.

  • The Swiss government has analysed how UBS would fare if it relocated abroad to escape stricter new capital rules, identifying significant costs that could match the capital hit of Swiss proposals.

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