November 14, 2018 / 11:22 AM / a month ago

UBS chairman tells CNBC 'prepared for worst, hopes for best' with Brexit deal

Swiss bank UBS Chairman Axel Weber speaks during the company's general shareholders meeting in Zurich May 2, 2013. REUTERS/Ruben Sprich (SWITZERLAND - Tags: BUSINESS)

ZURICH (Reuters) - Swiss bank UBS (UBSG.S) has prepared for a hard Brexit but is hoping that a deal between Britain and Europe does not collapse, UBS Chairman Axel Weber told CNBC in an interview broadcast on Wednesday.

“The next few weeks will be very important for the U.K. and its financial markets,” Weber said. “We at UBS have always taken a worst-case scenario, and many of the regulators forced the large banks to plan on the basis of a hard Brexit. We’re prepared for the worst, and we hope for the best.”

Prime Minister Theresa May is trying to convince senior ministers to accept a draft European Union divorce deal that opponents say threatens both her government and the unity of the United Kingdom.

Reporting by John Miller; Editing by Elaine Hardcastle

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