Stellungnahme von UBS zu den Regulierungsvorschlägen der Schweizer Regierung

Zürich, 6. Juni 2025 – UBS unterstützt im Grundsatz die meisten der heute publizierten Regulierungsvorschläge des Bundesrates¹, lehnt jedoch die vorgeschlagenen extremen Eigenkapitalanforderungen entschieden ab. Diese Änderungen würden zu Kapitalanforderungen führen, die weder verhältnismässig noch international abgestimmt wären.

Die Anforderungen würden UBS verpflichten, ihre ausländischen Beteiligungen vollständig vom harten Kernkapital (CET1) abzuziehen. Die Vorschläge zielen ebenfalls darauf ab, dass UBS latente Steuerguthaben aus temporären Differenzen und aktivierte Software vollumfänglich vom harten Kernkapital abziehen müsste. Darüber hinaus würden die Vorschläge eine Erhöhung der Bewertungsanpassungen erfordern.

Basierend auf den veröffentlichten Finanzinformationen für das erste Quartal 2025 und einer angestrebten harten Kernkapitalquote von 12,5% bis 13% würde UBS AG zusätzliches hartes Kernkapital in Höhe von geschätzt rund 24 Milliarden US-Dollar benötigen, falls die Empfehlungen so umgesetzt werden, wie sie heute veröffentlicht wurden. Dieser Pro-forma-Wert enthält 23 Milliarden US-Dollar für den Abzug ausländischer Beteiligungen der UBS AG. Dieser Pro-forma-Wert berücksichtig bereits angekündigte Kapitalrückführungen in Höhe von rund 5 Milliarden US-Dollar.

Das zusätzlich benötigte Kapital für die UBS AG von rund 24 Milliarden US-Dollar würde für die UBS Group AG auf konsolidierter Basis zu einer harten Kernkapitalquote von 19% führen. Auf Stufe UBS Group AG würden die vorgeschlagenen Massnahmen die Anrechenbarkeit von latenten Steuerguthaben aus temporären Differenzen, aktivierte Software und Bewertungsanpassungen nicht erlauben und wären somit nicht mit internationalen Standards vereinbar. Dies würde die harte Kernkapitalquote der UBS Group AG auf rund 17% reduzieren, was die Kapitalstärke von UBS nicht angemessen reflektieren würde. Weiterführende Informationen finden Sie unter: www.ubs.com/presentations.

Zusätzliches Kapital in Höhe von 24 Milliarden US-Dollar würde zu den bereits kommunizierten rund 18 Milliarden US-Dollar hinzukommen, welche UBS als Folge der Credit Suisse-Übernahme bereits halten muss, um die bestehenden regulatorischen Anforderungen zu erfüllen. Darin enthalten sind rund 9 Milliarden US-Dollar, um die regulatorischen Zugeständnisse, welche der Credit Suisse gewährt wurden, zu kompensieren, und etwa 9 Milliarden US-Dollar, um die progressiven Kapitalanforderungen zu erfüllen, die sich durch den Zusammenschluss und die daraus resultierende Grösse des kombinierten Geschäfts ergeben.

Insgesamt müsste UBS als Folge der Credit Suisse-Übernahme zusätzliches hartes Kernkapital in Höhe von etwa 42 Milliarden US-Dollar halten.

Da die regulatorischen Änderungen voraussichtlich nicht vor 2027 in Kraft treten werden, hält UBS Group AG an ihrem Ziel fest, per Jahresende 2026 eine Rendite auf das harte Kernkapital (RoCET1) auf zugrunde liegender Basis von rund 15% und ein Aufwand-Ertrags-Verhältnis auf zugrunde liegender Basis von weniger als 70% (beide Exit Rate) zu erzielen. UBS wird ihre längerfristigen Renditeziele bekannt geben, sobald mehr Klarheit über den Zeitplan der möglichen Änderungen besteht und die finalen Regeln klarer werden.

UBS bestätigt auch ihre für 2025 angekündigten Kapitalrückführungspläne. Dazu gehören die Erhöhung der ordentlichen Dividende pro Aktie um rund 10% gegenüber dem Vorjahr und weitere Aktienrückkäufe in Höhe von bis zu 2 Milliarden US-Dollar in der zweiten Jahreshälfte (insgesamt 3 Milliarden US-Dollar für das Finanzjahr 2025). Voraussetzung dafür ist, dass UBS ihre angestrebte harte Kernkapitalquote von rund 14% aufrechterhalten kann und ihre Finanzziele erreicht. Dies steht im Einklang mit den von UBS bereits kommunizierten Plänen und ihrem konservativen Ansatz. UBS wird ihre Erwartungen für Kapitalrückführungen für das Geschäftsjahr 2026 mit den Finanzergebnissen für das vierte Quartal und das Gesamtjahr 2025 bekannt geben.

UBS wird sich auch in Zukunft aktiv in die Debatte mit allen relevanten Anspruchsgruppen einbringen und bei der Evaluierung von alternativen, effektiven Lösungen mitwirken. Das Ziel sind regulatorische Vorschläge, bei denen Kosten und Nutzen in einem angemessenen Verhältnis stehen. UBS wird, sofern möglich, darüber hinaus geeignete Massnahmen prüfen, um mögliche negative Auswirkungen der geplanten Gesetzgebung auf die Aktionärinnen und Aktionäre von UBS zu mindern.

Als grösster globaler Vermögensverwalter und führende Bank in der Schweiz mit wettbewerbsfähigen globalen Investment-Bank- und Asset-Management-Kompetenzen bietet UBS finanzielle Stabilität, Fachwissen, wirtschaftliche Vorteile und internationales Know-how für die Schweiz und ihre Kunden weltweit. UBS hält an ihrem global diversifizierten Geschäftsmodell und ihrer einzigartigen geografischen Aufstellung fest und arbeitet nach wie vor fokussiert am Abschluss der Integration der Credit Suisse, um das bestmögliche Ergebnis für sämtliche Anspruchsgruppen zu erzielen.

UBS analysiert die heute veröffentlichten umfangreichen Informationen und wird zu gegebener Zeit eine weitere Einschätzung bekannt geben.

UBS Group AG and UBS AG

¹ Die Vorschläge sind auf der Website der Schweizer Regierung abrufbar unter www.admin.ch.

Cautionary Statement Regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements,” including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and ongoing conflicts in the Middle East, as well as the continuing Russia–Ukraine war. UBS’s acquisition of the Credit Suisse Group has materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if proposed and adopted, may significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements and any additional requirements due to its acquisition of the Credit Suisse Group, or other developments; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the possibility of conflict between different governmental standards and regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.