Swiss bank UBS is considering moving to the US to avoid new capital requirements rules.

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In June, the Swiss government proposed stricter rules for UBS following its acquisition of Credit Suisse, which could lead to it holding €26 billion more in core capital. UBS is considering moving to the United States in response to the Swiss government’s proposals for new capital requirements, the New York Post reported over the weekend. Reuters reported in July that UBS had been briefing its senior staff on the need to consider moving its headquarters from Switzerland since the proposals were presented.

Senior UBS executives have met with Trump administration officials to prepare a strategy shift that could include the acquisition of a US bank or a merger. When asked for comment, UBS cited CEO Sergio Ermotti‘s comments last week: “We want to continue operating as a successful global bank headquartered in Switzerland.”

However, he described the Swiss proposals on capital requirements as punitive and excessive and said the bank would need to think about how to protect the interests of shareholders and stakeholders.