UBS chair says Swiss banking giant is not ‘too big to fail’

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is “not too big to fail,” as he criticized Swiss government proposals to strengthen its capital requirements.

Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer.

“UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet,” Kelleher said.

This is a breaking news story and will be updated shortly.