Brexit could increase upward pressure on Swiss franc - UBS Chairman

Reuters
Axel Weber, Chairman of the Board of Directors of UBS, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 24, 2016. REUTERS/Susana Vera

VIENNA (Reuters) - The European Union's need to set out a new vision for the future if Britain votes to leave the bloc will weigh on the euro and could increase upward pressure on the Swiss franc, UBS chairman Axel Weber said on Sunday.

"If Britain should leave (the EU), the next pending question is what implication does that have on the further development of the EU," the former top official at the Bundesbank said on SRF 1 television.

A new strategy would have to be developed. "This will weigh on the euro."

"As a traditional save haven in Europe, the upward pressure on the Swiss franc could increase if the British pound and the euro are plagued with problems," Weber said.

(Reporting by Kirsti Knolle)