Swiss finance minister underlines need for strong UBS capital rules

ZURICH, June 23 (Reuters) - Requiring UBS to fully back its foreign subsidiaries with core capital is necessary to preserve financial stability, Swiss Finance Minister Karin Keller-Sutter said on Tuesday.

"We really would like them to have capital requirements that finance fully especially the subsidiaries in the United States," she said about UBS, which became Switzerland's sole global bank when it acquired fallen rival Credit Suisse in 2023.

Switzerland's financial centre has to be a stable location in the long run, and being well-capitalised can be an advantage for banks, Keller-Sutter added at a banking event in Zurich.

"Maybe it's not Indiana Jones," she said of Switzerland. "But I think it is reliable and stable."

(Reporting by Ariane LuthiEditing by Dave Graham)