10:57 AM EDT, 04/24/2024 (MT Newswires) -- UBS (UBS) is "seriously concerned" regarding the Swiss government's recently outlined plan to hit the company with tougher capital requirements, UBS Chairman Colm Kelleher said Wednesday.

The lender acquired rival Credit Suisse last year following the latter's collapse, triggering concerns that the enlarged bank could upend the Swiss economy if it faced trouble.

"We are seriously concerned about some of the discussions related to additional capital requirements," Kelleher said at the company's annual general meeting. "Additional capital is the wrong remedy."

Kelleher said UBS is "not too big to fail," adding that it was one of the best capitalized banks in Europe.

The company's shares were down 3% in recent trading.

Price: 27.49, Change: -0.91, Percent Change: -3.19