UBS Set to Lose First Round of Fight Against Swiss Capital Hike
UBS Group AG is heading for defeat in the first round of its effort to water down the Swiss government's law that could force it to maintain as much as $25 billion in extra capital.
In the bill the government will propose to parliament — an outline of which is set to be published on June 6 — the Zurich-based bank would be required to increase its ability to cover losses at foreign subsidiaries to 100% of the capital in those units, according to two people familiar with the matter. The text is not final and the Federal Council, the equivalent of a cabinet in Switzerland, could still request changes, the people said.
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