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Artisan Urges UBS Exit Switzerland Over New Capital Rules

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Story summary
  • Artisan Partners urged UBS to leave Switzerland because of new capital rules.
  • Artisan holds over 60 million UBS shares, about 1.8% of the bank’s stock.
  • Switzerland’s upper house approved a 90% CET1 requirement for UBS subsidiaries, adding $16 billion capital.
  • UBS rejected the proposal, stating it will remain operating globally from Switzerland.
  • Finance Minister Karin Keller-Sutter said an exit is unlikely.