UBS statement on decision by Swiss Parliament’s upper house on banking regulation

Zurich, 23 September 2026 – If confirmed at the conclusion of the ongoing parliamentary process, today’s decision by the Council of States would result in a further excessive tightening of Swiss capital requirements, which are already among the most stringent globally.

This political outcome is not a compromise and fails to address the root causes of the Credit Suisse collapse. It disregards the serious concerns expressed by the overwhelming majority of respondents in the democratic consultation process, which included all business representatives, the relevant employee associations and most cantons. The respondents clearly dismissed the Federal Council’s extreme regulatory proposals as damaging to the Swiss economy. Today’s outcome also disregards the critical financial support of UBS shareholders in protecting Switzerland’s reputation through the acquisition.

As the parliamentary process continues, UBS will focus on protecting its long-term interests. UBS will also continue to contribute facts and analysis to support informed decision-making and advocate for regulation that is truly targeted, proportionate and internationally aligned.

If implemented, the proposed backing of foreign participations with 90% CET1 capital would require UBS AG to hold approximately USD 16bn of additional CET1 capital. This would come in addition to about USD 2bn of additional CET1 capital required at UBS AG as a result of the ordinance-level measures announced earlier this year.

UBS AG must also hold the previously disclosed CET1 capital of around USD 15bn under existing regulations following its acquisition of Credit Suisse.

If the decision by the Council of States is confirmed, UBS would be required to hold a total of around USD 33bn of incremental CET1 capital since the acquisition of Credit Suisse. In parallel, once implemented, the ordinance-level changes announced earlier this year would eliminate an estimated USD 4bn of CET1 capital at the Group consolidated level. The total annual cost resulting from the acquisition would amount to around USD 2.5bn.

UBS Group AG and UBS AG

Forward-looking statements
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