New international banking rules will sharply increase the risk-weighted assets held by UBS, leading the Swiss bank to cut back on its exposure to those assets.

UBS's risk-weighted assets held as of June will balloon to nearly Sfr400bn ($409bn) when measured under the new Basel III standards, from Sfr205bn currently. UBS said the assets are likely to be closer to Sfr300bn after "mitigating steps" the bank said it plans before the rules come into force.