Swiss bank UBS, which recently acquired local rival Credit Suisse at the behest of the Swiss government, announced Wednesday the appointment of Sergio Ermotti as its new CEO, replacing Ralph Hamers.
Ermotti assumes the position of CEO (Chief Executive Officer) as of April 5 “in light of UBS’s new priorities following the acquisition of Credit Suisse”, states a statement, which specifies that Hamers will continue as adviser to the new CEO during a “transition period”. .
Hamers played “a very important role in the acquisition of Credit Suisse,” according to the statement.
Ermotti was UBS’s CEO for nine years, between 2011 and 2020, and, according to the statement, played a key role in repositioning the bank after the 2008 financial crisis, in which the bank had to be bailed out by the Swiss authorities. .
“I am honored to be invited to lead this bank at such an important time for its shareholders and for Switzerland,” the new CEO, who until now chaired Swiss reinsurance giant Swiss Re, said in the statement.
Source: TSF
