UBS calls Swiss capital package extreme, warns of far-reaching economic consequences

• UBS rejected Swiss government package on regulatory capital as extreme, misaligned with international standards, citing potentially far-reaching impact on Swiss economy.
• Group began review of Federal Council documents, challenging what it called misleading assertions, with further comments due by April 29 alongside Q1 2026 results.
• Capital Adequacy Ordinance changes expected to remove about USD 4 billion of net CET1 capital at group level, cutting CET1 ratio by about 0.8 percentage points once fully implemented.
• Parliamentary proposal would fully deduct foreign participations from UBS AG standalone CET1, implying about USD 20 billion of additional CET1 capital on full phase-in.
• Combined measures would lift de facto minimum group CET1 ratio to about 18.4%, then reduce it to about 17.6% after CAO deductions, versus starting assumptions of 14% at group level.

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