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UBS could switch functional, presentation currency to US dollar

UBS Group AG said it could change its functional currency to the U.S. dollar in the second half owing to "cumulative changes" in its legal structure and business activities and "evolving" changes in its structural currency management strategy.

The change would see the group and unit UBS AG switch from the Swiss franc and UBS AG London Branch from the British pound. In its 2017 annual report, the bank said it and its units could also change the presentation currency of financial reports to the dollar, with prior periods restated.

Assets, liabilities and total equity would be converted dollars at historic closing rates prevailing on the respective balance sheet dates, the bank said. It added that the change would not have a material effect on its capital ratios and other key performance indicators.