UBS (UBS) pushed back against a call from major shareholder Artisan Partners to consider moving its headquarters outside Switzerland, the Financial Times reported Thursday.

Artisan Partners (APAM), which holds about a 1.8% stake in UBS, urged the bank to consider relocating, citing proposed Swiss capital rules, according to the report. Artisan said the new rules could require UBS to increase common equity Tier 1 capital at its parent company from about $56 billion to $72 billion.

UBS said it plans to continue operating from Switzerland while advocating for targeted and internationally aligned regulation. The bank said the proposed 90% common equity tier 1 requirement would only require about $16 billion of additional capital at its parent bank, the report added.

UBS and Artisan Partners did not immediately respond to MT Newswires' requests for comments.

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