UBS (UBS) Chairman Colm Kelleher said Thursday that Switzerland's current reform plans would increase the bank's capital requirements by 50%, according to a FactSet transcript of the company's general annual meeting.
"It would also result in a CET1 ratio that would be 50% higher than that of our international competitors," Kelleher said, according to the transcript.
He said UBS opposes the additional capital requirements, which he described as "extreme," but supports almost all the other measures aimed at improving the resilience of systemically important banks.
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