UPDATE 1-UBS denies plans to leave Switzerland

Quashes talk UBS may move if regulations tightened too far

* Credit Suisse has also denied plans to move HQ

(Adds background on talk of threat to shift, UBS comment)

ZURICH, Dec 2 (Reuters) - UBS's (UBSN.VX) chief executive has denied the bank plans to move its headquarters from Switzerland, quashing talk the bank was threatening to shift if regulation was tightened too far.

Swiss weekly paper Sonntag CH had reported at the weekend that UBS was threatening to move its headquarters from Switzerland if the authorities impose too many new regulations in the wake of the global financial crisis. [ID:nGEE5AS03B]

CEO Oswald Gruebel spoke at a private event last week about the importance to Switzerland of its large banks, UBS and Credit Suisse (CSGN.VX), UBS said in a statement.

"He in no way threatened that UBS would leave Switzerland. Gruebel makes it clear that UBS wants to keep its headquarters in Switzerland," UBS said.

A Credit Suisse executive also said this week the bank had no plans to move headquarters away from Switzerland. (Reporting by Sam Cage; Editing by Hans Peters) ((zurich.newsroom@reuters.com; +41 (0)58 306 7457; Reuters Messaging: sam.cage.reuters.com@reuters.net))

Source: reuters.com/