Fabrice Cofrini | Afp | Getty Images
UBS Group Chairman Colm Kelleher said on Wednesday the Swiss bank was “not too big to fail”, criticizing Swiss government proposals to tighten its capital requirements.
Kelleher was speaking at UBS’s annual general meeting, the first such meeting since the bank completed its takeover of former rival Credit Suisse last summer.
“UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a correspondingly low-risk balance sheet,” Kelleher said.
This is breaking news and will be updated shortly.
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