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Artisan Urges UBS to Exit Switzerland Amid Capital Rules

Activist investor Artisan, holding over 60 million UBS shares, has urged the bank to leave Switzerland due to new capital funding rules. The investor stated that Switzerland's plan to require 90% Common Equity Tier 1 capital backing for foreign subsidiaries would force UBS to hold billions in unproductive capital.

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In an open letter to the board, the investor said…