June 5, 2020 / 5:18 PM / a month ago

UBS and Bank of America units clear ECB stress test

FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo

FRANKFURT (Reuters) - An asset quality review and a stress test on subsidiaries of UBS (UBSG.S) and Bank of America (BAC.N) revealed no capital shortfall, the European Central Bank said on Friday, clearing a hurdle for the banks to relocate activities to Europe from Britain.

UBS Europe SE and Bank of America Merrill Lynch International Designated Activity Company were required to undergo the assessment following the relocation of business activities after Britain’s exit from the European Union.

Reporting by Balazs Koranyi; Editing by Chris Reese

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