UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: March 17, 2025
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the UBS Switzerland AG audited standalone financial statements for the year ended
31 December 2024, which appear immediately following this page.
UBS Switzerland AG
31 December 2024
Table of contents
1
5
5
6
7
7
8
1
8
2
11
3a
11
3b
11
4
11
5
12
6
12
7
12
8
13
9a
13
9b
14
10a
14
10b
15
10c
16
10d
17
10e
19
11
20
12
21
13a
21
13b
22
14
22
15
23
16
23
17a
23
17b
24
18
24
19
25
20
25
21
26
22
27
23
28
24
28
25a
28
25b
29
26
29
27
30
28
30
29a
30
29b
31
32
32
34
36
42
43
UBS Switzerland AG standalone
UBS Switzerland AG standalone
UBS Switzerland AG standalone
UBS Switzerland AG standalone
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements
(audited)
Income statement
For the year ended
CHF m
Note
31.12.24
31.12.23
Interest and discount income
Interest and dividend income from trading portfolio
Interest and dividend income from financial investments
Interest expense
Gross interest income
Credit loss (expense) / release
Net interest income
Fee and commission income from securities and investment business
Credit-related fees and commissions
Other fee and commission income
Fee and commission expense
Net fee and commission income
Net trading income
Net income from disposal of financial investments
Dividend income from investments in subsidiaries and other participations
Income from real estate holdings
Sundry ordinary income
Sundry ordinary expenses
Other income from ordinary activities
Total operating income
Personnel expenses
General and administrative expenses
Subtotal operating expenses
Impairment of investments in subsidiaries and other participations
Depreciation and impairment of property, equipment and software
Changes in provisions for litigation, regulatory and similar matters, and other provisions
Total operating expenses
Operating profit
Extraordinary expenses
Tax expense / (benefit)
Net profit / (loss) for the period
UBS Switzerland AG standalone financial statements (audited)
Balance sheet
CHF m
Note
31.12.24
31.12.23
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
14, 15
Property, equipment and software
Other assets
Total assets
of which: subordinated assets
of which: subject to mandatory conversion and / or debt waiver
Liabilities
Due to banks
of which: total loss-absorbing capacity eligible
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities
Equity
Share capital
Statutory capital reserve
of which: capital contribution reserve
of which: other statutory capital reserve
Voluntary earnings reserve
Net profit / (loss) for the period
Total equity
Total liabilities and equity
of which: subordinated liabilities
of which: subject to mandatory conversion and / or debt waiver
UBS Switzerland AG standalone financial statements (audited)
Balance sheet (continued)
CHF m
31.12.24
31.12.23
Off-balance sheet items
Contingent liabilities, gross
Sub-participations
Contingent liabilities, net
of which: guarantees to third parties related to subsidiaries
of which: credit guarantees and similar instruments
of which: performance guarantees and similar instruments
of which: documentary credits
Irrevocable commitments, gross
Sub-participations
Irrevocable commitments, net
of which: loan commitments
of which: payment commitment related to deposit insurance
Forward starting transactions
1
of which: reverse repurchase agreements
Liabilities for calls on shares and other equity instruments
1 Cash to be paid in the future by either UBS or the counterparty.
Off-balance sheet items
UBS Switzerland AG is jointly and severally liable for the combined value -added tax (VAT) liability of UBS entities that
belong to the VAT group of UBS in Switzerland. This contingent liability is not included in the table above.
Swiss deposit insurance
Swiss banking law and the deposit insurance system require Swiss banks and securities dealers to jointly guarantee
privileged client deposits in the event that a Swiss bank or securities dealer becomes insolvent. The payment obligations
for all banks corresponds to the value specified in applicable law of 1.6% of all protected deposits in Switzerland. The
share of UBS Switzerland AG in the table above increased to CHF 1,549m as of 1 July 2024, compared with CHF 1,193m
as of 31 December 2023, mainly due to the merger with Credit Suisse (Schweiz) AG.
Joint and several liability
In June 2015, the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland were
transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger Act.
As of 31 December 2024, the joint and several liability of UBS Switzerland AG for contractual obligations of UBS AG
amounted to CHF 2bn, compared with CHF 3bn as of 31 December 2023.
Furthermore, as of 31 December 2024, UBS Switzerland AG is also jointly and severally liable for UBS AG’s liabilities of
CHF 538m under the international covered bond program originally issued by former Credit Suisse AG, for which UBS
Switzerland AG has pledged assets with a carrying value of CHF 911m. UBS AG has provided cash deposits to UBS
Switzerland AG to fully collateralize this contingent liability.
As of 31 December 2024, the probability of cash outflows for these matters was assessed to be remote and, as a result,
no exposures were included in the table above.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2024
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
1
Dividend distribution
Dividend distribution of Credit Suisse (Schweiz) AG
Dividend out of voluntary earnings reserve
Net profit / (loss) for the period
Balance as of 31 December 2024
1 CHF 700m profit carried forward and subsequently distributed as dividend, as approved by the Annual General Meeting of Credit Suisse (Schweiz) AG on 23 April 2024.
UBS Switzerland AG standalone financial statements (audited)
Note 1 Name, legal form and registered office
UBS Switzerland AG is incorporated and domiciled in Switzerland and operates under Art. 620 et seq. of the Swiss Code
of Obligations and Swiss banking law as an
Aktiengesellschaft
, a corporation limited by shares. Its registered office is at
Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland AG is 100% owned by UBS AG.
Note 2 Accounting Policies, Change in Organization and Risk Management
a) Significant accounting policies
The UBS Switzerland AG standalone financial statements are prepared in accordance with Swiss GAAP (the FINMA
Accounting Ordinance, FINMA Circular 2020/1 “Accounting – banks” and the Banking Ordinance) and represent
“reliable assessment statutory standalone financial statements”. The accounting policies are principally the same as for
the consolidated financial statements of UBS Group AG outlined in Note 1 to the consolidated financial statements of
UBS Group AG included in the UBS Group AG Annual Report 2024. Major differences between the Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 33 to the consolidated financial statements of UBS
Group AG. The functional currency of UBS Switzerland AG is the Swiss franc. The significant accounting policies applied
for the standalone financial statements of UBS Switzerland AG are discussed below.
›
Refer to the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information
Compensation policy
The compensation structure and processes of UBS Switzerland AG conform to the compensation principles and
framework of UBS Group AG.
›
Refer to the UBS Group AG Compensation Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more
information
Deferred compensation
UBS Group AG is the grantor of the majority of UBS’s deferred compensation plans. Expenses for awards granted under
such plans to UBS Switzerland AG employees are charged by UBS Group AG to UBS Switzerland AG.
›
Refer to “Note 27 Employee benefits: variable compensation” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information
Foreign currency translation
Transactions denominated in foreign currency are translated into Swiss francs at the spot exchange rate on the date of
the transaction. At the balance sheet date, all monetary assets and liabilities, as well as equity instruments recorded in
Trading portfolio assets
Financial investments,
the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot exchange rate on the
date of the transaction. All currency translation effects are recognized in the income statement.
The main currency translation rates used by UBS Switzerland AG are provided in Note 32 to the consolidated financial
statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
,
for more information
Group-internal funding
UBS Switzerland AG obtains funding from UBS AG in the form of loans that qualify as going concern additional tier 1
(AT1) capital and as gone concern loss-absorbing capacity at the UBS Switzerland AG standalone level. A portion of
Group-internal funding obtained is further on lent to a subsidiary in the form of loans.
Where such Group-internal funding is eligible to meet the requirements for total loss-absorbing capacity (TLAC) at the
level of UBS Switzerland AG, the aggregate amount of the respective obligations is separately disclosed on the balance
sheet. For those TLAC instruments that are eligible to meet the going concern capital requirements (i.e. are subordinated
and subject to mandatory conversion and / or debt waiver, as explained below), the aggregate corresponding amounts
are disclosed on the balance sheet.
Obligations of UBS Switzerland AG arising from Group-internal funding it has received are presented as
Due to banks
and measured at amortized cost. UBS Switzerland AG claims arising from Group-internal funding it has provided are
presented as
Due from banks
UBS Switzerland AG standalone financial statements (audited)
Note 2 Accounting Policies, Change in Organization and Risk Management (continued)
Subordinated assets and liabilities
Subordinated assets are composed of claims that, based on an irrevocable written declaration, in the event of liquidation,
bankruptcy or composition concerning the debtor, rank after the claims of all other creditors and may not be offset
against amounts payable to the debtor nor be secured by its assets. Subordinated liabilities are composed of
corresponding obligations.
Subordinated liabilities that contain a point-of-non-viability clause in accordance with Swiss capital requirements pursuant
to Art. 29 and 30 of the Capital Adequacy Ordinance are disclosed as being
Subject to mandatory conversion and / or
debt waiver
issuing bank reaches a point of non-viability.
Services received from and provided to Group entities
UBS Switzerland AG receives services from UBS Business Solutions AG, the main Group service company, mainly relating
to Group Technology, Group Operations and Group Corporate Services, as well as certain other services from other
Group entities. UBS Switzerland AG provides services to Group entities, mainly relating to the distribution of security and
investment products. Services received from and provided to Group entities are settled in cash as hard cost transfers or
hard revenue transfers paid or receiv ed.
When the nature of the underlying transaction between UBS Switzerland AG and the Group entity contains a single,
clearly identifiable service element, related income and expenses are presented in the respective income statement line
item, e.g.
Fee and commission income from securities and investment business, Other fee and commission income, Fee
and commission expense, Net trading income
or
To the extent the nature of the
underlying transaction contains various service elements and is not clearly attributable to a particular income statement
line item, related income and expenses are presented in
›
Refer to Note 5 for more information
Post-employment benefit plans
Swiss GAAP permit the use of IFRS Accounting Standards or Swiss accounting standards for post-employment benefit
plans, with the election made on a plan-by-plan basis.
UBS Switzerland AG has elected to apply Swiss GAAP (FER 16) for its pension plan. The requirements of Swiss GAAP are
better aligned with the specific nature of Swiss pension plans, which are hybrid in that they combine elements of defined
contribution and defined benefit plans but are treated as defined benefit plans under IFRS Accounting Standards. Swiss
GAAP (FER 16) require that the employer contributions to the pension fund are recognized as
Personnel expenses
in the
income statement. The employer contributions to the Swiss pension fund are determined as a percentage of contributory
compensation. Furthermore, Swiss GAAP (FER 16) require an assessment as to whether, based on the financial statements
of the pension fund prepared in accordance with Swiss accounting standards (FER 26), an economic benefit to, or
obligation of, UBS Switzerland AG arises from the pension fund and is recognized in the balance sheet when conditions
are met. Conditions for recording a pension asset or liability would be met if, for example, an employer contribution
reserve is available, or UBS Switzerland AG is required to contribute to the reduction of a pension deficit (on an FER 26
basis).
›
Refer to Note 26 for more information
Deferred taxes
Deferred tax assets are not recognized in UBS Switzerland AG’s standalone financial statements. However, deferred tax
liabilities may be recognized for taxable temporary differences. Changes in the deferred tax liability balance are
recognized in the income statement.
Allowances and provisions for expected credit losses
UBS Switzerland AG is required to apply an expected credit loss (ECL) approach for non-impaired financial instruments
in its standalone financial statements in addition to the approach for impaired financial instruments.
For non-impaired exposures within the scope of the Swiss GAAP ECL requirements, UBS Switzerland AG has generally
chosen to apply the IFRS Accounting Standards ECL approach that is applied in the UBS Group AG consolidated financial
statements for its standalone financial statements. These exposures include all financial assets measured at amortized
cost under both Swiss GAAP and IFRS Accounting Standards, fee and lease receivables, guarantees, irrevocable loan
commitments, revolving revocable credit lines, and forward starting reverse repurchase and securities borrowing
agreements. Further information about the ECL approach under IFRS Accounting Standards is provided in Note 1 to the
consolidated financial statements of UBS Group AG.
UBS Switzerland AG standalone financial statements (audited)
Note 2 Accounting Policies, Change in Organization and Risk Management (continued)
UBS applies a single definition of default for credit risk management purposes, regulatory reporting and ECL, with a
counterparty classified as defaulted based on quantitative and qualitative criteria.
›
Refer to the ‘’Risk management and control” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information
An allowance for credit losses is reported as a decrease in the carrying amount of a financial asset. For an off-balance
sheet item, such as a commitment, a provision for credit losses is reported in
Provisions
. Changes to allowances and
provisions for credit losses are recognized in
Credit loss (expense) / release
.
›
Refer to Note 10 for more information
Dispensations in the standalone financial statements
As UBS Switzerland AG has no listed shares outstanding and is within the scope of the UBS Group AG consolidated
financial statements prepared in accordance with IFRS Accounting Standards, UBS Switzerland AG is exempt from various
disclosures in the standalone financial statements. The dispensations include the management report and the statement
of cash flows. As the UBS Group AG consolidated financial statements are presented in US dollars, UBS Switzerland AG
provides certain Notes disclosures that would otherwise be covered by the disclosure dispensation, i.e. Notes 14, 15, 16,
19, 20, 21, 23 and 24.
Covered bonds issued
UBS Switzerland AG issues bonds collateralized with pledged mortgage loans. These covered bonds are presented as
Bonds issued and loans from central mortgage institutions
Issued and repurchased covered bonds are deemed extinguished for accounting purposes and are derecognized from the
balance sheet. Such covered bonds may serve as collateral in securities financing transactions. In these cases, the pledged
mortgage loans covering the repurchased bonds are disclosed as collateral for the securities financing transaction.
›
Refer to Note 24 and Note 18 for more information
b) Changes in accounting policies
There were no significant changes in accounting policies during 2024.
c) Change in organization
The Board of Directors of UBS Group AG approved the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG.
Following approvals from their respective boards and FINMA, both entities signed a final merger agreement on 25 June
2024. On 1 July 2024, UBS Switzerland AG formally completed the merger by absorption of Credit Suisse (Schweiz) AG.
In the standalone financial statements of UBS Switzerland AG, the acquisition has been applied retroactively as of 1 April
2024 at the previous book values of Credit Suisse (Schweiz) AG. Accordingly, the merger balance sheet with assets of
CHF 220,174m and liabilities of CHF 208,991m was initially recognized, with a corresponding increase of
Statutory
capital reserves
Statutory capital contribution reserves
and CHF 1,161m to
Other statutory capital reserves
. An amount of CHF 700m was retained in
Profit carried forward
subsequently distributed as dividend, as approved by the Annual General Meeting of Credit Suisse (Schweiz) AG on
23 April 2024, before the merger was legally effective. Similarly, UBS Switzerland AG’s accounting policies were applied
retroactively as of 1 April 2024, which resulted in a measurement loss of CHF 91m, which was recorded as
Extraordinary
expense
.
d) Events after the reporting period
There were no significant events after the reporting period.
e) Risk management
UBS Switzerland AG is fully integrated into the Group-wide risk management process described in the audited part of
the “Risk management and control” section of the UBS Group AG Annual Report 2024.
More information about the use of derivative instruments and hedge accounting is provided in Notes 1 and 11 to the
consolidated financial statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information
UBS Switzerland AG standalone financial statements (audited)
Note 3a Net trading income by business
For the year ended
CHF m
31.12.24
31.12.23
Global Wealth Management
Personal & Corporate Banking
Other business divisions and Group Items
Total net trading income
Note 3b Net trading income by underlying risk category
For the year ended
CHF m
31.12.24
31.12.23
Interest rate instruments (including funds)
Foreign exchange instruments
Equity instruments (including funds)
Credit instruments
Precious metals / commodities
Total net trading income
Note 4 Personnel expenses
For the year ended
CHF m
31.12.24
31.12.23
Salaries
Variable compensation – performance awards
Variable compensation – other
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
As of 31 December 2024, UBS Switzerland AG employed 15,181 personnel (31 December 2023: 8,895) on a full-time
equivalent basis.
Note 5 General and administrative expenses
CHF m
31.12.24
31.12.23
Real estate
Technology costs
Market data services
Marketing and communication
Travel and entertainment
Fees to audit firms
Other professional fees
Outsourcing costs
Other general and administrative expenses
Total general and administrative expenses
UBS Switzerland AG standalone financial statements (audited)
Note 6 Extraordinary expenses
Extraordinary expenses of CHF 91m for 2024 relate to the accounting for the merger with Credit Suisse (Schweiz) AG as
of 1 April 2024, as UBS Switzerland AG’s accounting policies and practices were initially applied to the merger balance
sheet. This effect mainly consists of CHF 109m related to immediate expensing of certain loan origination costs and fees
previously deferred and recognized over time, as well as CHF 10m for employee benefit and retirement benefit plans,
and was partly reduced by CHF 26m related to lower allowances and provisions for expected credit losses.
Note 7 Taxes
For the year ended
CHF m
31.12.24
31.12.23
Income tax expense / (benefit)
of which: current
Capital tax
Total tax expense / (benefit)
For 2024, the average tax rate, defined as income tax expense divided by the sum of operating profit and extraordinary
income minus extraordinary expenses and capital tax, was 16.9% (2023: 18.1%).
Note 8 Securities financing transactions
CHF bn
31.12.24
31.12.23
On-balance sheet
Receivables from securities financing transactions, gross
Netting of securities financing transactions
Receivables from securities financing transactions, net
Payables from securities financing transactions, gross
Netting of securities financing transactions
Payables from securities financing transactions, net
Assets pledged as collateral in connection with securities financing transactions
of which: financial investments
of which: assets that may be sold or repledged by counterparties
Off-balance sheet
Fair value of assets received as collateral in connection with securities financing transactions
of which: repledged
of which: sold in connection with short sale transactions
UBS Switzerland AG standalone financial statements (audited)
Note 9a Collateral for loans and off-balance sheet transactions
31.12.24
31.12.23
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
other credit
enhancements
2
Secured by collateral
Secured by
other credit
enhancements
2
CHF m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
Mortgage loans, gross
of which: residential mortgages
of which: office and business
premises mortgages
of which: industrial premises
mortgages
of which: other mortgages
Total on-balance sheet, gross
Allowances
Total on-balance sheet, net
Off-balance sheet
Contingent liabilities, gross
Irrevocable commitments, gross
Forward starting reverse
repurchase and securities
borrowing transactions
Liabilities for calls on shares and
other equities
Total off-balance sheet
1 Includes but is not limited to deposits, securities, life insurance contracts, inventory, accounts receivable, patents and copyrights. 2 Includes credit default swaps and guarantees.
Note 9b Impaired financial instruments
31.12.24
31.12.23
CHF m
Gross impaired
financial
instruments
Allowances and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Gross impaired
financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Amounts due from banks
Amounts due from customers
Accrued income and prepaid
expenses
Mortgage loans
Guarantees and loan commitments
Total impaired financial instruments
UBS Switzerland AG standalone financial statements (audited)
Note 10a Allowances
CHF m
Balance as of
31.12.23
Balance
recognized
upon the
merger with
Credit Suisse
(Schweiz) AG
as of 1.4.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Write-offs
Recoveries
and past due
interest
Reclassifications
Foreign
currency
translation
Balance as of
31.12.24
Default risk relating to on-balance
sheet exposures
1,545
of which: incurred credit losses
1,224
of which: expected credit losses
321
Other
9
Total value adjustments for default
and country risks
1,554
1 Includes CHF 26m related to expected credit loss measurement differences due to UBS accounting policy adoption of Credit Suisse (Schweiz) AG upon the merger with UBS Switzerland AG, recognized under
extraordinary expense.
Note 10b Provisions
CHF m
Balance as of
31.12.23
Balance
recognized
upon the
merger with
Credit Suisse
(Schweiz) AG
as of 1.4.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Provisions
used in
conformity
with
designated
purpose
Recoveries
Reclassifications
Foreign
currency
translation
Balance as of
31.12.24
Default risk related to off-balance sheet
items and credit lines
101
100
3
(33)
0
0
3
1
174
of which: incurred credit losses
14
24
3
(15)
0
0
3
0
29
of which: expected credit losses
87
76
0
(19)
0
0
0
1
145
Operational risks
4
0
7
(1)
(3)
0
0
0
8
Litigation, regulatory and similar matters
1
27
0
14
(9)
(6)
1
0
0
29
Real Estate
10
65
0
(2)
0
0
2
76
Restructuring
4
15
128
(10)
(42)
0
0
0
95
Employee benefits
18
8
27
(17)
0
0
0
0
37
Other
21
4
10
(4)
(1)
0
0
0
29
Total provisions
175
138
255
(74)
(55)
1
3
4
447
1 Includes provisions for litigation resulting from security risks.
UBS Switzerland AG standalone financial statements (audited)
Note 10c Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2023
(744)
(159)
(165)
(420)
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
(767)
(162)
(76)
(529)
Net movement from new and derecognized transactions
1
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements with stage transfers
2
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements without stage transfers
3
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Model changes
4
Movements recognized in credit loss (expense) / release
5
(292)
55
17
(365)
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
83
25
(1)
60
Balance as of 31 December 2024
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time
value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Includes ECL movements from new and derecognized transactions, remeasurement changes,
model and methodology changes. 6 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is
deemed uncollectible or forgiven and movements in foreign exchange rates as well as net gain of CHF 26m related to expected credit loss measurement differences due to UBS accounting policy adoption of Credit
Suisse (Schweiz) AG upon the merger with UBS Switzerland AG, recognized under extraordinary expense.
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2022
(722)
(142)
(176)
(403)
Net movement from new and derecognized transactions
1
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements with stage transfers
2
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements without stage transfers
3
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Model changes
4
Movements recognized in credit loss (expense) / release
5
(40)
(18)
10
(32)
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
Balance as of 31 December 2023
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time
value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Includes ECL movements from new and derecognized transactions, remeasurement changes,
model and methodology changes. 6 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is
deemed uncollectible or forgiven and movements in foreign exchange rates.
UBS Switzerland AG standalone financial statements (audited)
Note 10d Balance sheet and off-balance sheet positions subject to ECL
CHF m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
103,477
103,477
0
0
0
0
0
0
Due from banks
9,217
9,109
108
0
(4)
0
(4)
0
Receivables from securities financing transactions
11,229
11,229
0
0
0
0
0
0
Due from customers
77,552
71,915
4,432
1,205
(1,319)
(94)
(85)
(1,140)
Mortgage loans
282,382
269,792
11,106
1,485
(219)
(54)
(81)
(84)
Accrued income and prepaid expenses
702
685
10
7
(1)
0
0
0
Other assets
2
625
625
0
0
(3)
(3)
0
0
Total on-balance sheet financial assets within the scope of ECL
485,185
466,832
15,656
2,697
(1,545)
(151)
(170)
(1,224)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
16,009
14,869
1,006
133
(53)
(11)
(22)
(20)
Irrevocable commitments, gross
28,241
27,531
613
97
(60)
(32)
(18)
(9)
Forward starting transactions (securities financing transactions)
2,800
2,800
0
0
0
0
0
0
Other credit lines
88,531
86,254
2,063
214
(59)
(44)
(15)
0
Irrevocable committed prolongation of existing loans
4,185
4,179
4
2
(3)
(3)
0
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
139,766
135,634
3,686
446
(174)
(90)
(55)
(29)
Total allowances and provisions
(1,719)
(241)
(225)
(1,253)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes Settlement and clearing accounts and Other. Refer to Note
17a for more information.
CHF m
31.12.23
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Accrued income and prepaid expenses
Other assets
2
Total on-balance sheet financial assets within the scope of ECL
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
Irrevocable commitments, gross
Forward starting transactions (securities financing transactions)
Other credit lines
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes Settlement and clearing accounts and Other. Refer to Note
17a for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 10e Financial assets subject to credit risk, by rating category
Financial assets subject to credit risk, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
of which: stage 3
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
of which: stage 2
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
of which: stage 2
of which: stage 3
Total off-balance sheet financial instruments and credit lines
›
Refer to “Note 10 Financial assets at amortized cost and other positions in scope of expected credit loss measurement” in the
“Consolidated financial statements” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about ECL in accordance with IFRS Accounting Standards
UBS Switzerland AG standalone financial statements (audited)
Note 10e Financial assets subject to credit risk, by rating category (continued)
Financial assets subject to credit risk, by rating category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
of which: stage 3
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
of which: stage 2
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category
CHF m
31.12.23
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
of which: stage 2
of which: stage 3
Total off-balance sheet financial instruments and credit lines
UBS Switzerland AG standalone financial statements (audited)
Note 11 Trading portfolio and other financial instruments measured at fair value
CHF m
31.12.24
31.12.23
Assets
Trading portfolio assets
of which: debt instruments
1
of which: listed
of which: equity instruments
of which: precious metals and other physical commodities
Total assets measured at fair value
of which: fair value derived using a valuation model
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
2
Liabilities
Trading portfolio liabilities
of which: debt instruments
1
of which: listed
of which: equity instruments
Total liabilities measured at fair value
of which: fair value derived using a valuation model
1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks.
UBS Switzerland AG standalone financial statements (audited)
Note 12 Derivative instruments
31.12.24
31.12.23
CHF m, except where indicated
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Interest rate contracts
Forwards
1
Swaps
of which: designated in hedge accounting relationships
Over-the-counter (OTC) options
Total
Foreign exchange contracts
Forwards
Interest and currency swaps
of which: designated in hedge accounting relationships
Over-the-counter (OTC) options
Total
Equity / index contracts
Forwards
Swaps
Over-the-counter (OTC) options
Exchange-traded options
Total
Credit derivative contracts
Credit default swaps
Total
Commodity, precious metals and other contracts
Forwards
Swaps
Over-the-counter (OTC) options
Exchange-traded options
Total
Total before netting
of which: trading derivatives
of which: fair value derived using a valuation model
of which: derivatives designated in hedge accounting relationships
of which: fair value derived using a valuation model
Netting with cash collateral payables / receivables
Replacement value netting
Total after netting
of which: with central clearing counterparties
of which: with bank and broker-dealer counterparties
of which: other client counterparties
1 Includes forward rate agreements.
UBS Switzerland AG standalone financial statements (audited)
Note 13a Financial investments by instrument type
31.12.24
31.12.23
CHF m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
of which: held to maturity
of which: available for sale
Equity instruments
Property
Total financial investments
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
1
1 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks.
Note 13b Financial investments by counterparty rating – debt instruments
CHF m
31.12.24
31.12.23
Internal UBS rating
1
0–1
2–3
4–5
6–8
9–13
Non-rated
Total financial investments
1 Refer to Note 22 for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 14 Investments in subsidiaries and other participations
CHF m
31.12.24
31.12.23
Historical cost
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
Additions
Reductions
Balance at the end of the year
Accumulated value adjustments and changes in book value
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
Balance at the end of the year
Net book value
Book value at the beginning of the year
Book value at the end of the year
of which: without market value
of which: subsidiaries
of which: Bank-now AG
of which: TopCard Service AG
of which: UBS Card Center AG
of which: other participations
of which: Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG
of which: SIX Group AG
of which: Pfandbriefbank schweizerischer Hypothekarinstitute AG
of which: Swisscard AECS GmbH
of which: Taurus SA
of which: TWINT AG
of which: Houzy AG
of which: CLS Group Holdings AG
Note 15 Companies in which the bank holds a permanent direct or indirect significant participation
1
31.12.24
Company name
Domicile
Primary business division
Share capital,
in thousands
Share of
capital,
in %
Share of
votes,
in %
Held directly,
in thousands
Held indirectly,
in thousands
Bank-now AG
2
Switzerland
Personal & Corporate Banking
CHF
–
Credit Suisse Entrepreneur Capital AG
2
Switzerland
Personal & Corporate Banking
CHF
–
FIDES Treasury Services AG
2
Switzerland
Personal & Corporate Banking
CHF
–
TopCard Service AG
Switzerland
Personal & Corporate Banking
CHF
–
UBS Card Center AG
Switzerland
Personal & Corporate Banking
CHF
–
UBS Hypotheken Schweiz AG
Switzerland
Personal & Corporate Banking
CHF
–
Credit Suisse (Schweiz) Hypotheken AG
2
Switzerland
Personal & Corporate Banking
CHF
–
UBS Hypotheken AG
Switzerland
Personal & Corporate Banking
CHF
–
Auto lease-now 2023-1 AG
2
Switzerland
Personal & Corporate Banking
CHF
–
Auto lease-now 2023-2 AG
2
Switzerland
Personal & Corporate Banking
CHF
–
Swisscard AECS GmbH
2
Switzerland
Personal & Corporate Banking
CHF
–
Credit Suisse Asset Management & Investor Services
(Schweiz) Holding AG
2
Switzerland
Asset Management
CHF
–
MultiConcept Fund Management S.A.
2
Luxembourg
Personal & Corporate Banking
CHF
–
Houzy AG
Switzerland
Personal & Corporate Banking
CHF
–
Pfandbriefbank schweizerischer Hypothekarinstitute AG
3
Switzerland
Personal & Corporate Banking
CHF
–
SIX Group AG
2
Switzerland
Personal & Corporate Banking
CHF
–
TWINT AG
Switzerland
Personal & Corporate Banking
CHF
–
Taurus SA
2
Switzerland
Personal & Corporate Banking
CHF
–
1 Includes all subsidiaries and participations with voting rights above 5% and book value above CHF 5m. 2 Investment added upon the merger with Credit Suisse (Schweiz) AG as of 1 April 2024. 3 Increase in
investment recognized upon the merger with Credit Suisse (Schweiz) AG as of 1 April 2024 as well as participation in capital increase of CHF 100m.
UBS Switzerland AG standalone financial statements (audited)
Note 16 Property, equipment and software
At historical cost less accumulated depreciation
CHF m
Own-used
properties
Leasehold
improvements
IT hardware
and
communication
Internally
generated
software
Other
machines and
equipment
Projects in
progress
1
31.12.24
31.12.23
Historical cost
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
Additions
Disposals / write-offs
2
Reclassifications
Foreign currency translation
Balance at the end of the year
Accumulated depreciation
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
Additions
Depreciation
Disposals / write-offs
2
Reclassifications
Balance at the end of the year
Net book value
Net book value at the beginning of the year
Net book value at the end of the year
1 Mainly related to Internally generated software. 2 Includes write-offs of fully depreciated assets.
Operating lease commitments
CHF m
31.12.24
Expenses for operating leases to be recognized in:
2025
180
2026
159
2027
141
2028
72
2029
42
2030 and thereafter
111
Total commitments for minimum payments under operating
leases
706
Property, equipment and software are depreciated on a straight-line basis over their useful life, which is between 3 and
10 years.
Note 17a Other assets
CHF m
31.12.24
31.12.23
Deferral position for hedging instruments
Settlement and clearing accounts
VAT and other indirect tax receivables
Other
of which: other receivables due from UBS Group AG and subsidiaries in the UBS Group
Total other assets
1
1 Includes components of Settlement and clearing accounts and Other of CHF 625m within the scope of ECL as of 31 December 2024 (CHF 252m as of 31 December 2023). Refer to Note 10d for more information.
Note 17b Other liabilities
CHF m
31.12.24
31.12.23
Deferral position for hedging instruments
Settlement and clearing accounts
VAT and other indirect tax payables
Other
of which: other payables due to UBS Group AG and subsidiaries in the UBS Group
Total other liabilities
UBS Switzerland AG standalone financial statements (audited)
Note 18 Pledged assets
1
31.12.24
31.12.23
CHF m
Carrying amount of
pledged assets
Effective
commitment
Carrying amount of
pledged assets
Effective
commitment
Cash and balances at central banks
2
774
1,549
Due from customers
3
954
895
Mortgage loans
4
58,152
31,972
Total pledged assets
59,880
34,416
1 Excluding securities financing transactions. Refer to Note 8 for more information on securities financing transactions. 2 Related to the collateral account with the Swiss National Bank pledged in favor of Esisuisse
to cover the required 50% of the payment commitment related to deposit insurance. Refer to the “Off-balance sheet items” section for more information about Swiss deposit insurance. 3 Related to COVID-19 loans
granted under the program established by the Swiss Federal Council pledged to the Swiss National Bank. 4 These pledged mortgage loans serve as collateral for existing liabilities against Swiss central mortgage
institutions and for existing covered bond issuances (including repurchased covered bonds). Of these pledged mortgage loans, approximately CHF 7.2bn as of 31 December 2024 (approximately CHF 6.4bn as of
31 December 2023) could be withdrawn or used for future liabilities without breaching existing collateral requirements.
Note 19 Maturity structure of financial instruments
CHF m
At sight
Cancellable
Due within
1 month
Due between
1 and 3
months
Due between
3 and 12
months
Due between
1 and 5
years
Due after
5 years
Perpetual /
Not
applicable
Total
Assets
Cash and balances at central banks
1
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Total assets / financial instruments
as of 31.12.24
Total assets / financial instruments
as of 31.12.23
Liabilities
Due to banks
2
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage
institutions
Total liabilities / financial instruments
as of 31.12.24
Total liabilities / financial instruments
as of 31.12.23
1 Cash and balances at central banks cancellable relates to the collateral account with the Swiss National Bank pledged in favor of Esisuisse to cover the required 50% of the payment commitment related to deposit
insurance. 2 Due to banks with maturity above one year and Perpetual mainly relates to loss-absorbing capacity-eligible positions.
UBS Switzerland AG standalone financial statements (audited)
Note 20 Assets and liabilities by domestic and foreign origin in accordance with the domicile principle
31.12.24
31.12.23
CHF m
Domestic
Foreign
Domestic
Foreign
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
Property, equipment and software
Other assets
Total assets
Liabilities
Due to banks
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities
Equity
Share capital
Statutory capital reserve
Voluntary earnings reserve
Net profit / (loss) for the period
Total equity
Total liabilities and equity
Note 21 Total assets by geographical location
31.12.24
31.12.23
CHF m
%
CHF m
%
Assets
Switzerland
Europe, Middle East and Africa
of which: Luxembourg
of which: Germany
of which: France
of which: Qatar
of which: United Kingdom
Americas
of which: United States
of which: British Virgin Islands
of which: Cayman Islands
Asia Pacific
of which: Singapore
of which: Australia
of which: Hong Kong SAR
of which: China
Total assets
UBS Switzerland AG standalone financial statements (audited)
Note 22 Country risk of total assets
The table below provides a breakdown of total non-Swiss assets by credit rating. These credit ratings reflect the sovereign
credit rating of the country to which the ultimate risk of the underlying asset is related. The ultimate country of risk for
unsecured loan positions is the domicile of the immediate borrower or, in the case of a legal entity, the domicile of the
ultimate parent entity. For collateralized or guaranteed positions, the ultimate country of risk is the domicile of the
provider of the collateral or guarantor or, if applicable, the domicile of the ultimate parent entity of the provider of the
collateral or guarantor.
For mortgage loans, the ultimate country of risk is the country where the real estate is located. Similarly, the ultimate
country of risk for property and equipment is the country where the property and equipment are located. Assets for
which Switzerland is the ultimate country of risk are provided separately, in order to reconcile them to total balance sheet
assets.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information
31.12.24
31.12.23
Classification
Internal UBS rating
Description
Moody’s Investors
Service
S&P
Fitch
CHF m
%
CHF m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
5
Baa3
BBB–
BBB–
High risk
6
Sub-investment grade
Ba1
BB+
BB+
7
Ba2
BB
BB
8
Ba3
BB–
BB–
9
B1
B+
B+
Very high risk
10
B2
B
B
11
B3
B–
B–
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
13
Caa3 to C
CCC– to C
CCC– to C
Distressed
Default
Defaulted
D
D
Subtotal
Switzerland
Total assets
UBS Switzerland AG standalone financial statements (audited)
Note 23 Assets and liabilities by the most significant currencies for the bank
31.12.24
CHF m
CHF
USD
EUR
GBP
Other
Total
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
Property, equipment and software
Other assets
Total assets shown on the balance sheet
Delivery entitlements from spot exchange, forward forex and forex options transactions
Total assets
Liabilities
Due to banks
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities shown on the balance sheet
Equity
Share capital
Statutory capital reserve
Voluntary earning reserve
Net profit / (loss) for the period
Total equity shown on the balance sheet
Total liabilities and equity shown on the balance sheet
Delivery obligations from spot exchange, forward forex and forex options transactions
Total equity and liabilities
Net position per currency as of 31.12.24
Net position per currency as of 31.12.23
UBS Switzerland AG standalone financial statements (audited)
Note 24 Bonds issued and loans from central mortgage institutions
Contractual maturity of carrying amount
CHF m
Due within
1 year
Due
between 1
and 2 years
Due
between 2
and 3 years
Due
between 3
and 4 years
Due
between 4
and 5 years
Due after 5
years
Total
31.12.24
Total
31.12.23
Loans from central mortgage institutions
1
Fixed-rate
Interest rates (range in %)
0.05–5.56
0.05–2.80
0.05–2.55
0.05–2.18
0.05–1.8
0.05–2.68
Bonds issued
1
Fixed-rate
o.w. in EUR
Interest rates (in %)
o.w. in CHF
Interest rates (range in %)
0.00–2.46
0.20–1.88
0.00–1.54
0.00–1.51
0.00–2.04
Floating-rate
o.w. in EUR
Interest rates (in %)
Total
1 Non-subordinated debt.
Note 25a Share capital
31.12.24
31.12.23
Nominal value
in CHF
Number of
shares
of which: dividend
bearing
Nominal value
in CHF
Number of shares
of which: dividend
bearing
Share capital
1
of which: shares outstanding
1 Registered shares issued.
UBS Switzerland AG’s share capital is fully paid up. Each share has a nominal value of CHF 0.10 and entitles the holder
to one vote at the meeting of the shareholders of UBS Switzerland AG, if entered into the share register as having the
right to vote, as well as a proportionate share of distributed dividends. UBS Switzerland AG does not apply any restrictions
or limitations on the transferability of shares.
Non-distributable reserves
Non-distributable reserves were CHF 5m as of 31 December 2024 (CHF 5m as of 31 December 2023), equivalent to 50%
of the share capital of UBS Switzerland AG.
Note 25b Significant shareholders
The sole direct shareholder of UBS Switzerland AG is UBS AG, which holds 100% of UBS Switzerland AG shares. These
shares are entitled to voting rights. Indirect shareholders of UBS Switzerland AG, who do not have voting rights, include
UBS Group AG, which holds 100% of UBS AG shares. Included in the table below are also direct shareholders of UBS
Group AG (acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were
registered in the UBS Group AG share register with 3% or more of the share capital of UBS Group AG as of 31 December
2024 or as of 31 December 2023.
The shares and share capital of UBS Switzerland AG held by indirect shareholders shown in the table below represent
their relative holding of UBS Group AG shares. They do not have voting rights in UBS Switzerland AG.
31.12.24
31.12.23
CHF m, except where indicated
Share capital held
Shares held (%)
Share capital held
Shares held (%)
Significant direct shareholder of UBS Switzerland AG
UBS AG
Significant indirect shareholders of UBS Switzerland AG
UBS Group AG
DTC (Cede & Co.), New York
1
Nortrust Nominees Ltd., London
1 DTC (Cede & Co.), New York, “The Depository Trust Company”, is a US securities clearing organization.
UBS Switzerland AG standalone financial statements (audited)
Note 26 Swiss pension plans
a) Liabilities related to the Swiss pension plans
CHF m
31.12.24
31.12.23
Provision for Swiss pension plans
0
0
Bank accounts at UBS and UBS debt instruments held by Swiss pension funds
516
72
UBS derivative financial instruments held by Swiss pension funds
55
215
Total liabilities related to Swiss pension plans
571
287
b) Swiss pension plans
As of or for the year ended
CHF m
31.12.24
31.12.23
Pension plans surplus
1
3,616
2,159
Economic benefit / (obligation) of UBS Switzerland AG
7
0
Change in economic benefit / (obligation) recognized in the income statement
0
0
Employer contributions in the period recognized in the income statement
274
183
Performance awards-related employer contributions accrued
33
27
Total pension expense recognized in the income statement within Personnel expenses
307
211
1 The pension plans surplus is determined in accordance with Swiss GAAP (FER 26) and consists of the reserves for the fluctuation in asset values and prepaid contributions. The reserves for the fluctuation did not
represent an economic benefit for UBS Switzerland AG in accordance with Swiss GAAP (FER 16) as of both 31 December 2024 and 31 December 2023. Refer to Note 2 for more information.
The Swiss pension plans recognized an economic benefit of CHF 7m as of 31 December 2024 and nil as of 31 December
2023.
Note 27 Related parties
Transactions with related parties are conducted at internally agreed transfer prices, at arm’s length or, with respect to
loans, fixed advances and mortgages to non-independent members of the governing bodies in the ordinary course of
business, on substantially the same terms and conditions that are available to other employees, including interest rates
and collateral, and neither involve more than the normal risk of collectability nor contain any other unfavorable features
for the firm. Independent members of the governing bodies are granted loans and mortgages in the ordinary course of
business at general market conditions.
31.12.24
31.12.23
CHF m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
of which: due from / to banks
of which: receivables / payables from securities financing transactions
of which: due from / to customers
of which: accrued income / expenses
of which: other assets / liabilities
Subsidiaries
2
of which: due from / to banks
of which: due from / to customers
Affiliated entities
3
of which: due from / to banks
of which: due from / to customers
of which: other assets / liabilities
Members of governing bodies
4
External auditors
Other related parties
5
1 Qualified shareholders of UBS Switzerland AG are UBS Group AG and UBS AG. 2 Subsidiaries of UBS Switzerland AG are UBS Card Center AG, TopCard Service AG, UBS Hypotheken Schweiz AG, UBS Hypotheken
AG, Bank-now AG, FIDES Treasury Services AG, Credit Suisse Entrepreneur Capital AG and Credit Suisse (Schweiz) Hypotheken AG. 3 Affiliated entities of UBS Switzerland AG are all direct and indirect subsidiaries
of UBS Group AG, excluding subsidiaries of UBS Switzerland AG. Refer to Note 15 for more information. 4 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board
of UBS Group AG and the members of the Board of Directors and Executive Board of UBS Switzerland AG and the members of the Board of Directors and Executive Board of UBS AG. 5 Includes amounts due from /
to other participations. As of 31 December 2024, CHF 172m of guarantees (31 December 2023: CHF 7m) and CHF 765m of irrevocable loan commitments (31 December 2023: CHF 0m) are reported off-balance sheet
as contingent liabilities under Credit guarantees and similar instruments and Irrevocable commitments, respectively. Additionally, CHF 73m other credit lines were provided to other participations as of 31 December
2024 (31 December 2023: CHF 71m).
UBS Switzerland AG standalone financial statements (audited)
Note 28 Fiduciary transactions
CHF m
31.12.24
31.12.23
Fiduciary deposits
of which: placed with third-party banks
of which: placed with subsidiaries and affiliated entities
Fiduciary loans
Total fiduciary transactions
Fiduciary transactions encompass customer deposits and loans transactions entered into or granted by UBS Switzerland
AG that result in holding or placing assets and liabilities on behalf of individuals, trusts, defined benefit plans and other
institutions. Unless the recognition criteria for the assets and liabilities are satisfied, these assets and liabilities and the
related income and expense are excluded from UBS Switzerland AG’s balance sheet and income statement but are
disclosed in this Note as off-balance sheet fiduciary transactions. Client deposits that are initially placed as fiduciary
transactions with UBS Switzerland AG may be recognized on UBS Switzerland AG’s balance sheet in situations in which
the deposit is subsequently placed within UBS Switzerland AG. In such cases, these deposits are not reported in the table
above.
Note 29a Invested assets and net new money
As of or for the year ended
CHF bn
31.12.24
31.12.23
Discretionary assets
Other invested assets
Total invested assets (double counts included)
of which: double counts
Net new money (double counts included)
Note 29b Development of invested assets
For the year ended
CHF bn
31.12.24
31.12.23
Total invested assets (including double counts) at the beginning of the year
Invested assets recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.7.24
1
Net new money inflows / (outflows)
Market movements (including dividends and interests)
Currency effects
Other effects
of which: acquisitions / (divestments)
Total invested assets (including double counts) at the end of the year
2
1 Invested assets recognized upon the legal effectiveness date of the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG were measured as of 1 July 2024 and are reported in alignment with UBS accounting
policies outlined in “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024. 2 There were invested assets double counts of CHF 1bn
as of 31 December 2024 and there were no double counts as of 31 December 2023.
›
Refer to “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024,
available under “Annual reporting” at
ubs.com/investors
, for more information
UBS Switzerland AG standalone
Statement of proposed appropriation of total profit
and dividend distribution
The Board of Directors proposes that the Annual General Meeting of Shareholders (AGM) on 9 April 2025 approve the
appropriation of total profit and an ordinary dividend distribution of CHF 4,200m out of the total profit (CHF 2,371m)
and out of the voluntary earnings reserve (CHF 1,378m) and out of the other statutory capital reserve (CHF 450m) as
follows:
For the year ended
CHF m
31.12.24
Net profit for the period
Profit / (loss) carried forward
Total profit available for appropriation
Appropriation of total profit
Dividend distribution
Profit / (loss) carried forward
Proposed dividend out of voluntary earnings reserve
Voluntary earnings reserve before proposed distribution
Dividend distribution
Voluntary earnings reserve after proposed distribution
Proposed dividend out of other statutory capital reserve
Statutory capital reserve, of which other statutory capital reserve before proposed distribution
Dividend distribution
Statutory capital reserve, of which other statutory capital reserve after proposed distribution
UBS Switzerland AG standalone regulatory information
UBS Switzerland AG standalone regulatory
information
Key metrics for the fourth quarter of 2024
The table below is based on Basel Committee on Banking Supervision (BCBS) Basel III rules and IFRS Accounting
Standards.
During the fourth quarter of 2024, common equity tier 1 capital decreased by CHF 0.4bn to CHF 21.7bn, mainly due to
the operating profit being more than offset by additional dividend accruals.
Total risk-weighted assets (RWA) increased by CHF 1.0bn to CHF 186.3bn, mainly driven by higher credit risk RWA,
primarily due to an increase in lending, as well as higher market risk RWA.
The leverage ratio denominator (the LRD) decreased by CHF 11.4bn to CHF 556.1bn, mainly due to a reduction in the
exposure to the Swiss National Bank, driven by treasury activities.
The quarterly average liquidity coverage ratio (the LCR) of UBS Switzerland AG decreased 3.2 percentage points to
143.5%, remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory Authority
(FINMA). The movement in the quarterly average LCR was driven by an increase in net cash outflows and a decrease in
high-quality liquid assets (HQLA). Net cash outflows increased by CHF 1.2bn to CHF 87.2bn, reflecting higher outflows
from customer deposits, partly offset by lower net outflows from derivatives. HQLA decreased by CHF 1.0bn to
CHF 125.0bn, primarily driven by lower cash available from funding received from UBS AG, partly offset by higher cash
available from a reduction in lending assets, higher customer deposits and an issuance of EUR-denominated covered
bonds on 23 September 2024.
As of 31 December 2024, the net stable funding ratio decreased 2.5 percentage points to 132.2%, remaining above the
prudential requirement communicated by FINMA. Available stable funding decreased by CHF 10.0bn to CHF 359.2bn,
mainly driven by lower customer deposits. Required stable funding decreased by CHF 2.3bn to CHF 271.7bn, mainly
driven by lower lending assets.
UBS Switzerland AG standalone regulatory information
KM1: Key metrics
CHF m, except where indicated
31.12.24
30.9.24
30.6.24
31.3.24
31.12.23
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Minimum capital requirement
1
4b
Total risk-weighted assets (pre-floor)
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
6
Tier 1 ratio (%)
7
Total capital ratio (%)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
2
11
Total of bank CET1 specific buffer requirements (%)
3
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%)
Liquidity coverage ratio (LCR)
5
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
Net stable funding ratio (NSFR)
6
18
Total available stable funding
359,170
369,168
224,953
224,591
222,709
19
Total required stable funding
271,688
274,029
165,291
166,818
166,100
20
NSFR (%)
132.20
134.72
136.10
134.63
134.08
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Swiss SRB going and gone concern requirements and information for UBS Switzerland AG are
provided below. 3 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 4 Represents the CET1 ratio that is
available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and, where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 5 Calculated
after the application of haircuts, inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 64 data points in the fourth quarter of 2024 and
65 data points in the third quarter of 2024. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information. 6 UBS Switzerland
AG is required to maintain a minimum NSFR of at least 100% on an ongoing basis, as set out in Art. 17h para. 1 of the Liquidity Ordinance. A portion of the excess funding is used to fulfill the NSFR requirement of
UBS AG standalone.
UBS Switzerland AG standalone regulatory information
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank (SRB) RWA- and LRD-based going and gone
concern requirements and information as required by FINMA; details regarding eligible gone concern instruments are
provided below.
UBS Switzerland AG is considered an SRB under Swiss banking law and is subject to capital regulations on a standalone
basis. As of 31 December 2024, the going concern capital and leverage ratio requirements for UBS Switzerland AG
standalone were 15.26% (including a countercyclical buffer of 0.96%) and 5.00%, respectively.
The Swiss SRB framework and going concern requirements applicable to UBS Switzerland AG standalone are the same
as those applicable to UBS Group AG consolidated. The gone concern requirement corresponds to 62% of the Group’s
going concern requirements, excluding the countercyclical buffer requirements. Outstanding total loss-absorbing
capacity-eligible unsecured debt instruments are eligible to meet gone concern requirements until one year before
maturity.
The gone concern requirements were 8.87% for the RWA-based requirement and 3.10% for the LRD-based requirement.
›
Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital, liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more
information about the joint liability of UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 31.12.24
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
2
Total gone concern loss-absorbing capacity
of which: base requirement including add-ons for market share and LRD
3
3
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD). 2 A maximum of 25% of the gone concern requirements can be met with instruments that
have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.
UBS Switzerland AG standalone regulatory information
Swiss SRB going and gone concern information
CHF m, except where indicated
31.12.24
30.9.24
31.12.23
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
UBS Switzerland AG standalone regulatory information
Capital instruments
Capital instruments of UBS Switzerland AG – key features
Presented according to issuance date.
Share capital
Additional tier 1 capital
1
Issuer
UBS Switzerland AG, Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
UBS Switzerland AG,
Switzerland
2
Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for
private placement)
–
–
3
Governing law(s) of the instrument
Swiss
Swiss
3a
Means by which enforceability requirement of Section 13 of the
TLAC Term Sheet is achieved (for other TLAC-eligible instruments
governed by foreign law)
n/a
n/a
Regulatory treatment
4
Transitional Basel III rules
1
CET1 – going concern capital
Additional tier 1 capital
5
Post-transitional Basel III rules
2
CET1 – going concern capital
Additional tier 1 capital
6
Eligible at solo / group / group and solo
UBS Switzerland AG consolidated and
standalone
UBS Switzerland AG consolidated and standalone
7
Instrument type (types to be specified by each jurisdiction)
Ordinary shares
Loan
3
Loan
3
Loan
3
Loan
3
Loan
3
Loan
3
8
Amount recognized in regulatory capital (currency in million, as of
most recent reporting date)
1
CHF 10.0
CHF 1,000
CHF 500
CHF 700
CHF 675
CHF 825
CHF 1,325
9
Par value of instrument (currency in million)
CHF 10.0
CHF 1,000
CHF 500
CHF 700
CHF 675
CHF 825
CHF 1,325
10
Accounting classification
4
Equity attributable to UBS Switzerland
AG shareholders
Due to banks held at amortized cost
11
Original date of issuance
–
18 December 2017
29 October 2020
11 March 2021
2 June 2021
2 June 2021
29 November 2024
12
Perpetual or dated
–
Perpetual
13
Original maturity date
–
–
14
Issuer call subject to prior supervisory approval
–
Yes
UBS Switzerland AG standalone regulatory information
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Share capital
Additional tier 1 capital
15
Optional call date, contingent call dates and redemption amount
–
First optional repayment
date:
18 December 2022
5
First optional repayment
date:
29 October 2025
First optional repayment
date:
11 March 2026
First optional repayment
date:
2 June 2026
First optional repayment
date:
2 June 2028
First optional repayment
date:
17 December 2029
Repayable at any time after the first optional repayment date.
Repayment subject to FINMA approval. Optional repayment amount:
principal amount, together with any accrued and unpaid interest thereon.
Repayable on the first
optional repayment date
or on any of every
second interest payment
date thereafter.
Repayment subject to
FINMA approval.
Optional repayment
amount: principal
amount, together with
any accrued and unpaid
interest thereon.
Repayable on the first optional repayment date or
on any interest payment date thereafter.
Repayment subject to FINMA approval. Optional
repayment amount: principal amount, together
with any accrued and unpaid interest thereon.
16
Subsequent call dates, if applicable
–
Early repayment possible due to a tax or regulatory event. Repayment due to a tax event subject to FINMA approval.
Repayment amount: principal amount, together with accrued and unpaid interest.
Early repayment
possible due to a tax or
capital event.
Repayment due to tax
event subject to FINMA
approval.
Repayment amount:
principal amount,
together with accrued
and unpaid interest.
UBS Switzerland AG standalone regulatory information
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Share capital
Additional tier 1 capital
Coupons
17
Fixed or floating dividend / coupon
–
Floating
18
Coupon rate and any related index
–
3-month SARON
Compound
+ 250 bps
per annum quarterly
3-month SARON
Compound
+ 397 bps
per annum quarterly
3-month SARON
Compound
+ 337 bps
per annum quarterly
3-month SARON
Compound
+ 307 bps
per annum quarterly
3-month SARON
Compound
+ 308 bps
per annum quarterly
3-month SARON
Compound
+ 340 bps
per annum quarterly
19
Existence of a dividend stopper
–
No
20
Fully discretionary, partially discretionary or mandatory
Fully discretionary
Fully discretionary
21
Existence of step-up or other incentive to redeem
–
No
22
Non-cumulative or cumulative
Non-cumulative
Non-cumulative
23
Convertible or non-convertible
–
Non-convertible
24
If convertible, conversion trigger(s)
–
–
25
If convertible, fully or partially
–
–
26
If convertible, conversion rate
–
–
27
If convertible, mandatory or optional conversion
–
–
28
If convertible, specify instrument type convertible into
–
–
29
If convertible, specify issuer of instrument it converts into
–
–
30
Write-down feature
–
Yes
31
If write-down, write-down trigger(s)
–
Trigger: CET1 ratio is less than 7%
FINMA determines a write-down necessary to ensure UBS Switzerland AG’s viability; or UBS Switzerland AG receives a commitment of governmental
support that FINMA determines necessary to ensure UBS Switzerland AG’s viability. Subject to applicable conditions.
32
If write-down, fully or partially
–
Fully
33
If write-down, permanent or temporary
–
Permanent
34
If temporary write-down, description of write-up mechanism
–
–
34a
Type of subordination
Statutory
Contractual
35
Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument in the insolvency
creditor hierarchy of the legal entity concerned)
Unless otherwise stated in the articles of
association, once debts are paid back,
the assets of the liquidated company are
divided between the shareholders pro
rata based on their contributions and
considering the preferences attached to
certain categories of shares (Art. 745,
Swiss Code of Obligations)
Subject to any obligations that are mandatorily preferred by law, each obligation of UBS Switzerland AG that is unsubordinated or is subordinated and not
ranked junior (such as all classes of share capital) or at par (such as tier 1 instruments)
36
Non-compliant transitioned features
–
–
37
If yes, specify non-compliant features
–
–
1 Based on Swiss SRB (including transitional arrangement) requirements. 2 Based on Swiss SRB requirements applicable as of 1 January 2020. 3 Loans granted by UBS AG, Zurich Branch. 4 As applied in UBS Switzerland AG’s financial statements under Swiss GAAP. 5 The entity decided not to trigger the call
option. There is no expected date for the repayment.
UBS Switzerland AG standalone regulatory information
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
1
Issuer
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
UBS Switzerland AG, Switzerland
2
Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for
private placement)
–
3
Governing law(s) of the instrument
Swiss
3a
Means by which enforceability requirement of Section 13 of
the TLAC Term Sheet is achieved (for other TLAC-eligible
instruments governed by foreign law)
n/a
Regulatory treatment
4
Transitional Basel III rules
1
Additional tier 1 capital
5
Post-transitional Basel III rules
2
Additional tier 1 capital
6
Eligible at solo / group / group and solo
UBS Switzerland AG consolidated and standalone
7
Instrument type (types to be specified by each jurisdiction)
Loan
3
Loan
3
Loan
3
Loan
3
Notes
5
8
Amount recognized in regulatory capital (currency in million,
as of most recent reporting date)
1
CHF 475
CHF 700
CHF 700
CHF 700
CHF 500
9
Par value of instrument (currency in million)
CHF 475
CHF 700
CHF 700
CHF 700
CHF 500
10
Accounting classification
4
Due to banks held at amortized cost
11
Original date of issuance
11 December 2024
17 December 2024
17 December 2024
17 December 2024
31 May 2022
12
Perpetual or dated
Perpetual
13
Original maturity date
–
14
Issuer call subject to prior supervisory approval
Yes
UBS Switzerland AG standalone regulatory information
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
15
Optional call date, contingent call dates and redemption
amount
First optional repayment date:
11 December 2030
First optional repayment date:
17 December 2031
First optional repayment date:
17 December 2032
First optional repayment date:
18 December 2034
First optional repayment date:
17 December 2029
Repayable at any time after the first
optional repayment date.
Repayment subject to FINMA approval.
Optional repayment amount: principal
amount, together with any accrued and
unpaid interest thereon.
Repayable on the first optional repayment date or on any interest payment date thereafter.
Repayment subject to FINMA approval. Optional repayment amount: principal amount, together with any accrued and unpaid interest thereon.
16
Subsequent call dates, if applicable
Early redemption possible due to a Tax
or Regulatory Event. Subject to
satisfaction of Conditions for
Redemption. Redemption amount:
aggregate principal amount, together
with accrued and unpaid interest.
Early repayment possible due to a tax or capital event. Repayment due to tax event subject to FINMA approval.
Repayment amount: principal amount, together with accrued and unpaid interest.
UBS Switzerland AG standalone regulatory information
Capital instruments of UBS Switzerland AG – key features (continued)
Presented according to issuance date.
Additional tier 1 capital
Coupons
17
Fixed or floating dividend / coupon
Floating
18
Coupon rate and any related index
3-month SARON Compound
+ 339 bps
per annum quarterly
3-month SARON Compound
+ 313 bps
per annum quarterly
3-month SARON Compound
+ 305 bps
per annum quarterly
3-month SARON Compound
+ 288 bps
per annum quarterly
3-month SARON Compound
+ 330 bps
per annum quarterly
19
Existence of a dividend stopper
No
20
Fully discretionary, partially discretionary or mandatory
Fully discretionary
21
Existence of step-up or other incentive to redeem
No
22
Non-cumulative or cumulative
Non-cumulative
23
Convertible or non-convertible
Non-convertible
24
If convertible, conversion trigger(s)
–
25
If convertible, fully or partially
–
26
If convertible, conversion rate
–
27
If convertible, mandatory or optional conversion
–
28
If convertible, specify instrument type convertible into
–
29
If convertible, specify issuer of instrument it converts into
–
30
Write-down feature
Yes
31
If write-down, write-down trigger(s)
Trigger: CET1 ratio is less than 7%
FINMA determines a write-down necessary to ensure UBS Switzerland AG’s viability; or UBS Switzerland AG receives a commitment of governmental support that FINMA determines necessary to ensure
UBS Switzerland AG’s viability. Subject to applicable conditions.
32
If write-down, fully or partially
Fully
33
If write-down, permanent or temporary
Permanent
34
If temporary write-down, description of write-up mechanism
–
34a
Type of subordination
Contractual
35
Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument in the
insolvency creditor hierarchy of the legal entity concerned)
Subject to any obligations that are mandatorily preferred by law, each obligation of UBS Switzerland AG that is unsubordinated or is subordinated and not ranked junior (such as all classes of share
capital) or at par (such as tier 1 instruments)
36
Non-compliant transitioned features
–
37
If yes, specify non-compliant features
–
1 Based on Swiss SRB (including transitional arrangement) requirements. 2 Based on Swiss SRB requirements applicable as of 1 January 2020. 3 Loans granted by UBS AG, Zurich Branch. 4 As applied in UBS Switzerland AG’s financial statements under Swiss GAAP. 5 Notes subscribed for by UBS AG, Zurich
Branch.
UBS Switzerland AG standalone regulatory information
Climate risk
Our climate strategy and governance are determined and overseen at the UBS Group level. Similarly, we identify and
manage climate risks, including climate-related financial risks, in our own operations, balance sheet, client assets and
supply chain at the UBS Group level.
Climate-related metrics for the UBS Switzerland AG legal entity are presented in the UBS Group Annual Report 2024.
›
Refer to “Our focus on sustainability” in the “How we create value for our stakeholders” section and to “Sustainability and
climate risk” in the “Risk management and control” section of the UBS Group Annual Report 2024, available under “Annual
reporting” at
ubs.com/investors
, for more information
›
Refer to “Our sustainability and impact strategy” in the “Strategy” section of the UBS Group Sustainability Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Group Controller
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
UBS AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Controller
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
Date: March 17, 2025