AsianFin -- UBS Group AG is on track to suffer a setback in its push to soften a proposed Swiss law that could compel the bank to hold up to $25 billion in additional capital.
According to people familiar with the matter, the draft legislation — expected to be unveiled on June 6 — will require the Zurich-based lender to fully back losses at its foreign subsidiaries with capital equivalent to 100% of those units’ holdings. While the bill is not yet finalized, Switzerland’s Federal Council, the country’s executive body, could still call for revisions before it heads to parliament.
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