UBS appointed Sergio P. Ermotti as its group Chief Govt Officer following its settlement to accumulate Credit score Suisse.
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The transfer can be efficient April 5, UBS mentioned in a press release.
Ermotti — who was group CEO at UBS for 9 years, from November 2011 to October 2020 — will substitute present CEO Ralph Hamers. He’s at present chairman of insurance coverage firm Swiss Re.
Hamers is about to stay at UBS to advise the financial institution through the transition interval to “guarantee a profitable closure of the transaction and a easy hand-over,” the corporate mentioned.
On March 19, Switzerland’s largest financial institution UBS agreed to purchase its embattled rival Credit score Suisse for 3 billion Swiss francs ($3.2 billion). Swiss regulators performed a key half within the deal as governments appeared to stem a contagion threatening the worldwide banking system.
The management change comes “in gentle of the brand new challenges and priorities dealing with UBS after the announcement of the acquisition,” UBS mentioned within the announcement.
Within the assertion, UBS mentioned Ermotti “efficiently repositioned” the financial institution following the 2008 international monetary disaster, and “achieved a profound tradition change inside the financial institution.”
This allowed UBS to “regain the belief of purchasers and different stakeholders, whereas restoring individuals’s pleasure in working for UBS.”
Hamers reportedly informed workers of the government-orchestrated takeover that UBS “didn’t purchase Credit score Suisse solely to shut it,” Reuters reported.
Within the announcement, UBS Chairman Colm Kelleher known as Hamers an “excellent” CEO who led UBS to “unprecedented success regardless of a difficult setting.”
Whereas the acquisition of Credit score Suisse helps UBS’ present technique, it imposes new priorities on the group, he mentioned.
“Along with his distinctive expertise, I’m very assured that Sergio will ship the profitable integration that’s so important for each banks’ purchasers, workers and traders, and for Switzerland,” Kelleher mentioned.
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