UBS has appointed Sergio P. Ermotti as Group CEO following the Credit Suisse acquisition deal.
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UBS appointed Sergio Ermotti as the new Group CEO on Wednesday, following the recent election acquired Credit Suisse.
The move will take effect April 5, UBS said in a statement.
Ermotti will replace current CEO Ralph Hamers, who will remain at UBS to advise the bank during the transition to “ensure a successful transaction closing and smooth transition,” the company said.
On March 19, Switzerland’s largest bank UBS agreed to buy fierce competitor Credit Suisse for 3 billion Swiss francs ($3.2 billion). Swiss regulators play a key role in the deal as governments seek to stem the contagion that threatens the global banking system.
Ermotti was Group CEO at UBS for nine years, from November 2011 to October 2020 and is currently the chairman of insurance company Swiss Re.
The leadership change comes “due to the new challenges and priorities facing UBS following the acquisition announcement,” UBS said in the announcement.
Hamers is said to have told employees of the government-staged takeover that UBS “did not buy Credit Suisse just to close it,” Reuters reported.
In the announcement, UBS President Colm Kelleher called Hamers an “excellent” CEO who has led UBS to “unprecedented success despite a challenging environment”.
While the Credit Suisse acquisition supports UBS’s current strategy, it imposes new priorities on the group, he said.
“With my unique experience, I am very confident that Sergio will deliver the successful integration that is so much-needed for both the bank’s customers, employees and investors, as well as for Switzerland,” Kelleher said. speak.
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