'Brexit' would not undermine Britain as financial hub, says UBS chairman

By Anjuli Davies

LONDON, Nov 10 (Reuters) - If Britain were to opt out of the European Union its position as a global financial hub would not be undermined, Axel Weber, the chairman of Zurich-based UBS said on Tuesday.

"It (Other OTC: ITGL - news) won't undermine the UK as a financial centre but it would be more challenging to get market access," the former head of the German Bundesbank told delegates at a Wall Street Journal Pro event.

Prime Minister David Cameron wants to renegotiate Britain's relationship with the EU and then hold a vote by the end of 2017 on whether to stay in the bloc or leave.

Many international banks use Britain to gain access to the single market and as a base from which to sell financial products and services across the region. The threat of Britain leaving the EU could prompt them to rethink that structure.

Weber said that one of the main advantages of doing business in Britain is its access to the single market but if the UK were to leave the European Union a financial services trade agreement would likely be put in place.

"If the UK were to leave the EU I think there would be two or three years of heightened uncertainty but pretty much the same (access) rights," said Weber.

"The UK would get a very favourable deal with the EU to maintain a large part of market access to the EU.

Weber also said that one of the main reasons UBS (NYSEArca: FBGX - news) is in London is because of the global talent pool given London's position as a financial hub. (Editing by Jeremy Gaunt)