ZURICH (Reuters) -The head of Switzerland's financial regulator, FINMA, said on Tuesday the country's largest bank UBS needs to be capable of being wound up if necessary.
We "need to work towards ensuring that UBS is resolvable," FINMA head Stefan Walter said at a small bank symposium, in which he spoke about the process of dealing with banks that get into trouble following the collapse of Credit Suisse last year.
Walter said in the case of UBS there would no longer be an alternative, such as a takeover by another bank, in the event of a crisis.
UBS's business model and the structure of the merged bank will from the outset be reviewed with regard to its resolvability, he said.
"My vision for FINMA is to secure best-in-class supervision in Switzerland for the future, building on the lessons of the CS crisis and other global developments," Walter said in his first public appearance since taking over the helm at the regulator in April.
(Reporting by Noele Illien; Editing by Dave Graham, Kirsten Donovan)
