The U.K. would probably get a good deal on access to the European Union's single market if it voted to leave, the chairman of Swiss bank UBS AG said on Tuesday.

Axel Weber, speaking at a WSJ Pro Central Banking event in London, said that UBS would "wait for the dust to settle" if Britons voted to leave the bloc, but added that the bank wouldn't immediately seek to move operations out of London and back to Switzerland.

"I don't think [Britain leaving the EU] would completely undermine the financial sector of London," he said, although he acknowledged it could be challenging.

Mr. Weber said that he thought it likely the U.K. would be able to negotiate a favorable deal with the EU for continued access to Europe's single market.

Write to Jason Douglas at jason.douglas@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 10, 2015 05:55 ET (10:55 GMT)

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