Swiss upper house approves stricter capital rules for UBS

Switzerland's upper house backed a proposal requiring UBS to hold high-quality equity covering 90% of the value of its foreign subsidiaries, tightening capital requirements for the nation's largest bank. The measure, still subject to lower-house approval, follows the Credit Suisse collapse and aims to reduce systemic risk. If enacted, it could pressure UBS's capital returns and profitability, with implications for Swiss financial stability and global banking norms.