Swiss finance minister says lawmakers fear UBS pressure over banking rules

Days after sending a bill to parliament that ‌could require UBS to find an extra $20 billion in core capital, Finance Minister Karin Keller-Sutter told Swiss newspaper Blick that lawmakers who support her legislation were under pressure.

Swiss lawmakers debating stricter regulations for UBS worry ​the bank could pressure them by curbing ​party funding, Switzerland's finance minister was ‌quoted ​as saying on Tuesday, ratcheting up tension with the lender over the new rules. Days after sending a bill to parliament that ‌could require UBS to find an extra $20 billion in core capital, Finance Minister Karin Keller-Sutter told Swiss newspaper Blick that lawmakers who support her legislation were under pressure. "I hear from lawmakers who fear ‌that UBS could reduce its contributions to their party," she said without naming any individuals. "Such pressure ‌is not easy for parliament."

The bank declined to comment on Keller-Sutter's remarks. UBS said last week that it strongly disagrees with the proposed legislation, calling the measures extreme and arguing that they would have far-reaching consequences for Switzerland's ⁠economy. The ​bill aims to prevent ⁠a repeat of the collapse of Credit Suisse, which UBS acquired in a state-engineered emergency takeover in 2023.

Lobbying by ⁠UBS over the new rules has been unusually intense, Keller-Sutter said. UBS's sustainability report said the bank provided a ​total of 1.2 million Swiss francs ($1.52 million) to Switzerland's political parties in 2025 to recognise ⁠their essential role and support operational costs.

Swiss parties can apply for a financial contribution from the bank if they commit ⁠to ​free competition, the market economy and the Swiss financial centre, according to UBS, with contributions varying according to the number of seats held by each party. Keller-Sutter said the banking bill ⁠was the result of a thorough analysis of Credit Suisse's collapse and that it was backed by ⁠the Swiss National ⁠Bank and financial regulator FINMA.

"At the end of the day, it's about which interests prevail, those of taxpayers or those of UBS," she ‌told Blick. ($1 = 0.7898 ‌Swiss francs)