Switzerland’s largest lender, UBS, has tapped Sergio Ermotti as group chief executive and president, more than two years after he left the bank. Ermotti will assume his new role on April 5, 2023, succeeding Ralph Hamers who agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country. The appointment was made “in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” the lender said Wednesday.
Ermotti was group chief executive of UBS from November 2011 to October 2020 and is currently chairman of Swiss Re. He will work alongside the outgoing CEO as an adviser during the transition period to ensure the successful closure of the transaction.
Switzerland’s National Bank agreed to lend UBS as much as CHF100bn ($108bn) to help it take over Credit Suisse, the country’s second-largest lender. Swiss regulator Finma erased $17bn worth of Credit Suisse’s bonds and scrapped the need for shareholders to vote on the agreement.
UBS estimates that the invested assets of the merged entity will total $5tn, with the new lender being twice the size of Switzerland’s economy. Shares of UBS rose nearly 4% at the close of trading in Zurich on Wednesday after the announcement.
“The task at hand is an urgent and challenging one. In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options,” said Ermotti. “I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.”
UBS credited Hamers with successfully managing the bank through a challenging market environment and delivering record results for two successive years. It said he was “instrumental” in the acquisition of Credit Suisse “under extreme circumstances” to the benefit of both banks and the stability of the Swiss financial system.
عبدالرحمان زمین پیما
Author
آرمان جعفری
Author
