6-K 1 edgar00significantreg.htm edgar00significantreg
 
 
 
 
 
 
 
 
 
 
 
 
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: November 8, 2024
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
 
☒
 
Form 40-F
 
☐
 
 
This Form 6-K consists of UBS supplementary information
 
for significant regulated subsidiaries and sub-groups
 
for
the second and third quarters of 2024, which appear immediately following
 
this page.
 
edgar00significantregp3i0
 
 
 
Significant regulated subsidiary
 
and sub-group information
Third quarter
 
2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant regulated subsidiary and sub-group
 
information
 
2
Significant regulated subsidiary
and sub-group information
Unaudited
 
Financial and regulatory key figures for our significant regulated
subsidiaries and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
USD
CHF
EUR
USD
Financial and regulatory requirements
IFRS Accounting Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
30.9.24
30.6.24
30.9.24
30.6.24
30.9.24
30.6.24
30.9.24
30.6.24
1
30.9.24
30.6.24
2
Financial information
3
Income statement
Total operating income
4
11,831
9,816
5,170
6,825
3,475
2,374
292
286
4,461
4,357
Total operating expenses
10,640
10,012
3,489
3,382
2,303
1,715
263
257
4,177
4,258
Operating profit / (loss) before tax
1,191
(196)
1,681
3,443
1,172
660
29
29
284
99
Net profit / (loss)
997
(224)
1,815
3,652
1,012
561
24
21
122
28
Balance sheet
Total assets
1,626,893
1,564,664
980,770
948,599
537,000
324,079
46,935
48,946
203,427
211,341
Total liabilities
 
1,529,071
1,470,417
892,651
863,202
511,044
310,703
42,907
44,946
170,824
178,863
Total equity
97,822
94,247
88,119
85,397
25,956
13,376
4,027
4,000
32,603
32,478
Capital
5
Common equity tier 1 capital
 
84,423
 
83,001
 
83,113
 
82,329
 
22,016
 
12,601
2,701
2,740
23,303
23,036
Additional tier 1 capital
 
16,250
 
15,132
 
16,250
 
15,132
 
7,993
 
5,000
600
600
2,817
2,810
Total going concern capital / Tier 1 capital
 
100,673
 
98,133
 
99,363
 
97,461
 
30,009
 
17,601
3,301
3,340
26,121
25,846
Tier 2 capital
 
289
 
536
 
286
 
531
257
256
Total capital
3,301
3,340
26,378
26,103
Total gone concern loss-absorbing capacity
 
96,473
 
98,833
 
96,470
 
98,828
 
20,007
 
11,238
 
2,520
6
2,530
6
7,800
7
7,800
7
Total loss-absorbing capacity
 
197,146
 
196,966
 
195,833
 
196,288
 
50,016
 
28,840
5,821
5,870
33,921
7
33,646
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
 
515,520
 
509,953
 
565,180
 
554,478
 
185,237
 
110,294
12,622
12,423
84,944
84,289
Leverage ratio denominator
 
1,611,151
 
1,564,001
 
944,404
 
921,796
 
567,484
 
337,149
50,053
50,630
197,597
205,699
8
Supplementary leverage ratio denominator
227,490
232,968
8
Capital and leverage ratios (%)
5
Common equity tier 1 capital ratio
 
16.4
 
16.3
 
14.7
9
 
14.8
 
11.9
 
11.4
 
21.4
 
22.1
 
27.4
 
27.3
Going concern capital ratio / Tier 1 capital ratio
 
19.5
 
19.2
 
17.6
 
17.6
 
16.2
 
16.0
 
26.2
 
26.9
 
30.8
 
30.7
Total capital ratio
 
26.2
 
26.9
 
31.1
 
31.0
Total loss-absorbing capacity ratio
 
38.2
 
38.6
 
27.0
 
26.1
 
46.1
 
47.2
 
39.9
 
39.9
Tier 1 leverage ratio
 
6.6
 
6.6
 
13.2
 
12.6
Supplementary tier 1 leverage ratio
 
11.5
 
11.1
Going concern leverage ratio
 
6.2
 
6.3
 
10.5
 
10.6
 
5.3
 
5.2
Total loss-absorbing capacity leverage ratio
 
12.2
 
12.6
 
8.8
 
8.6
 
11.6
 
11.6
 
17.2
 
16.4
Gone concern capital coverage ratio
 
120.1
 
127.5
Liquidity coverage ratio
5
High-quality liquid assets (bn)
360.6
280.3
170.2
137.0
126.0
78.1
16.7
17.3
32.1
29.7
10
Net cash outflows (bn)
183.7
143.6
60.4
50.5
86.0
53.6
11.5
11.7
24.6
20.1
10
Liquidity coverage ratio (%)
196.3
194.1
282.3
11
269.5
146.7
12
145.9
145.2
148.3
130.1
147.7
10
Net stable funding ratio
5
Total available stable funding (bn)
903.4
882.8
446.4
448.0
369.2
225.0
14.6
15.1
112.6
107.8
10
Total required stable funding (bn)
712.7
691.5
444.9
437.3
274.0
165.3
11.5
11.6
82.0
79.7
10
Net stable funding ratio (%)
126.8
127.7
100.4
13
102.5
134.7
13
136.1
127.4
129.6
137.3
135.4
10
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
14
3
15
3
1 Comparative figures have been restated to align with the regulatory reports
 
as submitted to the European Central Bank.
 
2 Financial and regulatory information for UBS Americas Holding LLC
 
is inclusive of Credit
Suisse Holdings (USA), Inc. following the reparenting of this entity under UBS Americas Holding
 
LLC on 7 June 2024.
 
3 The financial information disclosed does not represent a full set
 
of financial statements under
the respective GAAP / IFRS Accounting Standards.
 
4 The total operating income includes
 
credit loss expense or release.
 
5 Refer to the 30 September 2024 Pillar 3 Report, available
 
under “Pillar 3 disclosures” at
ubs.com/investors, for more information.
 
6 Consists of positions that meet
 
the conditions laid down in
 
Art. 72a–b of the Capital Requirements
 
Regulation II with regard to contractual,
 
structural or legal subordination.
 
7 Consists of eligible long-term debt that meets the conditions specified in 12 CFR § 252.162 of the final TLAC rules. Total loss-absorbing capacity is the sum of tier 1 capital and eligible long-term debt.
 
8 Leverage
exposure for 30 June 2024 has been
 
calculated as if the reparenting of
 
Credit Suisse Holdings (USA), Inc. occurred
 
on the first day of the
 
calendar quarter.
 
9 On a standalone basis as
 
of 30 September 2024, UBS
AG’s phase-in CET1
 
capital ratio was 14.7%,
 
based on risk-weights of 230%
 
and 320% for Swiss and
 
foreign participations, respectively.
 
These risk-weights will increase
 
to 250% and 400% for Swiss
 
and foreign
participations in a phased manner until 1 January 2028, contributing to UBS
 
AG’s fully applied CET1 capital ratio
 
of 13.3%.
 
10 The liquidity coverage ratio and net
 
stable funding ratio for 30 June 2024 have been
calculated based on a simple daily average of the quarter which included
 
the business activity of Credit Suisse Holdings (USA), Inc. beginning on 7 June
 
2024.
 
11 In the third quarter of 2024, the liquidity coverage
ratio (the LCR) of UBS AG was 282.3%, remaining above the prudential requirements communicated by FINMA.
 
12 In the third quarter of 2024, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 146.7%,
remaining above the prudential requirement communicated by FINMA
 
in connection with the Swiss Emergency Plan.
 
13 In accordance with Art. 17h para. 3 and
 
4 of the Liquidity Ordinance, UBS AG
 
standalone is
required to maintain a minimum NSFR of at least 80% without taking into account excess
 
funding of UBS Switzerland AG and 100% after taking into account
 
such excess funding.
 
14 Under certain circumstances,
the Swiss Banking Act and FINMA’s
 
Banking Insolvency Ordinance authorize FINMA to modify,
 
extinguish or convert to common equity liabilities of a bank
 
in connection with a resolution or insolvency of such bank.
 
15 As of 30 September 2024, the amount
 
consists of a joint and several liability of
 
UBS Switzerland AG for contractual obligations of
 
UBS AG related to the establishment of
 
UBS Switzerland AG (CHF 2.4bn), and
 
a
joint and several liability of UBS Switzerland AG
 
related to the merger with Credit Suisse (Schweiz)
 
AG in connection with the international covered bonds program
 
(CHF 0.5bn) which was fully collateralized
 
through
cash deposits from UBS AG.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant regulated subsidiary and sub-group
 
information
 
3
UBS Group AG
 
is
 
a
 
holding
 
company
 
and
 
conducts
 
substantially
 
all
 
of
 
its
 
operations
 
through
 
UBS AG
 
and
subsidiaries thereof. UBS Group AG and
 
UBS AG have contributed a
 
significant portion of
 
their respective capital
to,
 
and
 
provide
 
substantial
 
liquidity
 
to,
 
such
 
subsidiaries.
 
Many
 
of
 
these
 
subsidiaries
 
are
 
subject
 
to
 
regulations
requiring compliance
 
with minimum
 
capital, liquidity
 
and similar requirements.
 
The tables in
 
this section summarize
the
 
regulatory
 
capital
 
components
 
and
 
capital
 
ratios
 
of
 
our
 
significant
 
regulated
 
subsidiaries
 
and
 
sub-groups
determined under the regulatory framework of
 
each subsidiary’s or sub-group’s home jurisdiction.
Supervisory authorities generally have discretion to impose higher requirements or
 
to otherwise limit the activities
of subsidiaries. Supervisory
 
authorities also may
 
require entities to
 
measure capital
 
and leverage ratios
 
on a stressed
basis and may limit
 
the ability of
 
an entity to engage
 
in new activities or
 
take capital actions
 
based on the results
 
of
those tests.
In August 2024, the Federal Reserve
 
Board assigned UBS Americas Holding LLC a stress
 
capital buffer (an SCB) of
9.3%
 
as
 
of
 
1 October
 
2024
 
(previously
 
9.1%)
 
under
 
the
 
Federal
 
Reserve
 
Board’s
 
SCB
 
rule,
 
resulting
 
in
 
a
 
total
common equity tier 1 capital
 
requirement of 13.8%. The
 
SCB for our
 
US-based intermediate holding company is
based on the previously
 
released results of the Federal
 
Reserve Board’s 2024 Dodd–Frank Act Stress
 
Test (DFAST),
where UBS Americas
 
Holding LLC exceeded
 
the minimum
 
capital requirements
 
under the severely
 
adverse scenario.
Additional information on the above entities is provided in the 30 September
 
2024
 
Pillar 3 Report,
 
available under
“Pillar 3 disclosures” at
ubs.com/investors
.
 
Credit Suisse International
(standalone)
All values in million, except where indicated
USD
Financial and regulatory requirements
IFRS Accounting Standards
UK regulatory rules
As of or for the quarter ended
30.9.24
30.6.24
Financial information
1
Income statement
Total operating income
2
211
297
Total operating expenses
245
348
Operating profit / (loss) before tax
(34)
(51)
Net profit / (loss)
(34)
(51)
Balance sheet
Total assets
77,206
87,943
Total liabilities
 
62,492
73,146
Total equity
14,714
14,797
Capital
3
Common equity tier 1 capital
12,945
12,814
Additional tier 1 capital
1,200
1,200
Total going concern capital / Tier 1 capital
14,145
14,014
Tier 2 capital
0
0
Total capital
14,145
14,014
Total gone concern loss-absorbing capacity
4,586
4,586
Total loss-absorbing capacity
18,731
18,600
Risk-weighted assets and leverage ratio
 
denominator
3
Risk-weighted assets
16,983
19,699
Leverage ratio denominator
55,245
58,250
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
76.2
65.1
Going concern capital ratio / Tier 1 capital ratio
83.3
71.1
Total capital ratio
83.3
71.1
Total loss-absorbing capacity ratio
110.3
94.4
Tier 1 leverage ratio
25.6
24.1
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
33.9
31.9
Liquidity coverage ratio
3
High-quality liquid assets (bn)
15.0
14.6
Net cash outflows (bn)
4.2
4.4
Liquidity coverage ratio (%)
367.2
345.3
Net stable funding ratio
3
Total available stable funding (bn)
21.6
23.4
Total required stable funding (bn)
12.9
16.5
Net stable funding ratio (%)
182.9
150.8
1 The financial information disclosed does not represent a full set of financial statements under the
 
respective GAAP / IFRS Accounting Standards.
 
2 The total operating income includes credit loss expense or release.
 
3 Refer to the 30 September 2024 Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors,
 
for more information.
 
edgar00significantregp6i0
 
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
 
This
 
Form
 
6-K
 
is
 
hereby
 
incorporated
 
by
 
reference
 
into
 
(1)
 
each
 
of
 
the
 
registration
 
statements
 
on
 
Form
 
F-3
(Registration Numbers
 
333-263376 and
 
333-278934), and
 
on Form
 
S-8 (Registration
 
Numbers 333-200634;
 
333-
200635;
 
333-200641;
 
333-200665;
 
333-215254;
 
333-215255;
 
333-228653;
 
333-230312;
 
333-249143
 
and
 
333-
272975), and
 
into each
 
prospectus outstanding
 
under any
 
of the
 
foregoing registration
 
statements, (2)
 
any outstanding
offering circular or similar document issued
 
or authorized by UBS AG that incorporates by
 
reference any Forms 6-
K of UBS AG that are
 
incorporated into its registration
 
statements filed with the SEC,
 
and (3) the base prospectus
 
of
Corporate Asset Backed
 
Corporation (“CABCO”)
 
dated June 23,
 
2004 (Registration
 
Number 333-111572), the Form
8-K
 
of
 
CABCO
 
filed
 
and
 
dated
 
June
 
23,
 
2004
 
(SEC
 
File
 
Number
 
001-13444),
 
and
 
the
 
Prospectus
 
Supplements
relating to
 
the CABCO
 
Series 2004-101
 
Trust
 
dated May
 
10, 2004
 
and May
 
17, 2004
 
(Registration Number
 
033-
91744 and 033-91744-05).
 
 
 
 
 
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/ David Kelly_____________
Name:
 
David Kelly
Title:
 
Managing Director
 
By:_/s/ Ella Campi_____________
Name:
 
Ella Campi
Title:
 
Executive Director
UBS AG
By:_/s/ David Kelly_____________
Name:
 
David Kelly
Title:
 
Managing Director
 
By:_/s/ Ella Campi_____________
Name:
 
Ella Campi
Title:
 
Executive Director
Date:
 
November 8, 2024