Sergio Ermotti returns as CEO of UBS
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The Board of Directors of the Swiss financial holding UBS Group AG has appointed Sergio Ermotti as Group CEO and President of the Executive Board. He must take this post from April 5, according to press release on the UBS website. Sergio Ermotti served as CEO of UBS Group AG from November 2011 to October 2020.
It is specified that the decision to appoint Sergio Ermotti was made in light of the new priorities of UBS after the planned acquisition of Credit Suisse. Mr. Ermotti will succeed Ralph Hamers as CEO, who will remain at UBS as an advisor during the transition period.
“The integration of Credit Suisse is the most important task for UBS, and I am confident that Sergio Ermotti will successfully lead the bank through this stage. I certainly regret leaving UBS, but circumstances have changed in ways none of us expected. I decided to resign, based on the interests of the new combined enterprise, as well as the whole of Switzerland and its financial sector, ”the press service of the holding quotes Ralph Hamers as saying.
After leaving UBS Group AG, Sergio Ermotti was elected in April 2021 as chairman of Swiss Re, one of the largest reinsurers in the world.
19 March Swiss National Bank announced about the merger of the two largest banks in the country – UBS and Credit Suisse due to years of financial problems. Credit Suisse ended 2022 with a loss of $7.9 billion, which was the bank’s worst result since 2008. The merger of UBS and Credit Suisse will create one of the largest global systemically important financial institutions in Europe: UBS assets – $1.1 trillion, Credit Suisse – $575 billion.
More details – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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