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Swiss propose referendum on nationalizing UBS
By Bastian Benrath
Bloomberg News
Sunday, September 17, 2023
A popular initiative in Switzerland wants to hold a vote on partially nationalizing UBS Group, the initiators wrote on their website.
The so-called banks initiative proposes to amend the Swiss constitution to say that "large banks of systemic importance are to be managed as joint stock companies with the confederation as majority shareholder in terms of share capital," according to the website.
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The text is currently under review by federal authorities. If they greenlight it, the initiators have 18 months to collect 100,000 signatures for their cause.
Parliament and cabinet ministers would then need to weigh in before the issue could be put to a national vote, a process that would likely take several years. ...
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