The rise in shares occurs amid speculation that the Swiss government may relax its capital requirements for the bank.
The government and the bank have had a strained relationship ever since legislators, including government supporters, proposed a measure to compel banks to increase reserve funds to prevent crises like the one that led to the collapse of Credit Suisse in 2023, then the second most powerful financial institution in Switzerland.
To avoid its bankruptcy, the federal government facilitated the acquisition of Credit Suisse by UBS, under very favorable conditions for the latter.
After this transaction, the government demanded that UBS cover 100% of the capital for its overseas operations (not just the previous 60%) with its own resources, necessitating a fund increase of 26 billion Swiss francs (about 27.8 billion euros at the current exchange rate).
For the bank, this requirement is excessive and puts it at a disadvantage compared to other banks in Europe and the United States.
Tensions between UBS and the Swiss government have fueled rumors that the former might leave Switzerland and establish its global headquarters in the United States, which the administrators have publicly denied.
UBS is still undergoing restructuring following the acquisition of Credit Suisse, having inherited a staff of 120,000 employees. Approximately 10,000 jobs have already been cut, and analysts predict at least 10,000 more reductions in the coming years.
