(MENAFN) As it implements a government-orchestrated plan to acquire troubled competitor Credit Suisse, UBS stated on Wednesday that it is bringing back former CEO Sergio Ermotti to manage the Swiss bank.
Ermotti, who oversaw a recovery after the global financial crisis of 2008 while serving as the bank's top executive for nine years, will succeed CEO Ralph Hamers on Wednesday.
Hamers began working for UBS in November 2020, and the bank said in a statement that he will stay there for a transitional period " to ensure a successful closure of the transaction and a smooth handover."
“Whilst Ralph was capable of doing the job, we felt that Sergio was better suited to navigating these things,” On a conference call, the chairman, Colm Kelleher, made reference to the UBS board's decision. “I cannot reemphasize how big this deal is in terms of financial history and financial engineering that’s required.”
Ermotti, who is currently head of the insurer Swiss Re, was given credit by UBS for " cut its footprint " and transforming the culture of the bank. The firm also cited Ermotti's expertise bringing significant financial organizations together as a reason for this.
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