ZURICH (Reuters) - Swiss bank UBS (UBSG.S) may switch the group’s functional currency to the dollar from Swiss francs in Switzerland and sterling in London in the second half of this year, it said in its annual report on Friday.
It cited “cumulative changes in our legal structure, business activities and evolving changes to our structural currency management strategy” for the move, which could lead to it reporting its results in dollars rather than francs.
“Assets, liabilities and total equity would be converted
to U.S. dollars at historic closing rates prevailing on the respective balance sheet dates. No material changes are expected to our capital ratios nor are material changes expected to our other key performance indicators,” it said.
Reporting by Michael Shields; editing by Jason Neely