Switzerland’s economy ministry has reached out to UBS Group AG as it seeks an improved trade deal with the United States, potentially providing the country’s largest bank an opportunity to strengthen ties with the government, according to people familiar with the matter and reported by Bloomberg.
The State Secretariat for Economic Affairs (SECO) approached UBS for support partly due to the bank’s strong presence in the U.S., as Switzerland aims to resolve the ongoing tariff dispute. “It is important for Switzerland to close ranks and work as one to end the tariff dispute as soon as possible,” a UBS spokesperson said in a statement. SECO declined to comment on the discussions.
Switzerland has been pressing for better terms after being hit with some of the highest tariffs among developed nations. A recent visit to the U.S. by Swiss President Karin Keller-Sutter failed to improve the 39% tariff rate, raising concerns among Swiss exporters about potential economic damage. Pharmaceutical giants Roche Holding AG and Novartis AG have also engaged with the government, highlighting planned U.S. investments as part of broader trade talks.
For UBS, the request from SECO comes amid tensions over new bank regulations that could require as much as $26 billion in additional capital. The bank has opposed these rules and lobbied the government to revise them. Participation in supporting the Swiss government on tariffs could enhance UBS’s standing in Bern.
Relations between UBS and the government have been occasionally strained due to the capital debate. The finance ministry, which oversees bank regulations, stated that UBS has not directly offered assistance to President Keller-Sutter on the U.S. tariff issue.
