UBS Chairman Open to Swiss AT1 Capital Compromise

Sep 17, 2026 12:33 ET · Sep 17, 2026

TREE NEWS update: UBS Chairman Colm Kelleher said he can accept a compromise in Switzerland’s debate over bank capital requirements that would let lenders use a form of convertible debt to meet part of the rules. Speaking at a Swiss Bankers Association event in St. Gallen, Kelleher said UBS’s “primary goal” is a “Swiss-style compromise,” adding the plan would raise its costs and must be proportionate and aligned with international standards.

Original source

AI take

The significance lies in UBS, the country's sole global systemic bank, signaling flexibility on AT1-style instruments rather than outright resistance, which could shape how Swiss regulators calibrate capital rules. The outcome matters for the wider European AT1 market, since Switzerland's framework often serves as a reference point. The open question is whether lawmakers and the regulator accept a convertible-debt component without eroding the loss-absorbing capacity that post-Credit Suisse reforms were meant to strengthen.

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