Business & Economy

Ermotti returns to UBS as CEO to steer Credit Suisse rescue

Geneva, Mar 29 (EFE).- UBS, which recently took over domestic rival Credit Suisse, appointed Sergio Ermotti as the Swiss bank’s new CEO on Wednesday.

Ermotti will replace Ralph Hamers at the helm of UBS effective April 5.

“The Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” a statement from the lender read.

Hamers will continue as an adviser to the new CEO “during a transition period to ensure a successful closure of the transaction and a smooth hand-over,” UBS added.

Ermotti served as UBS CEO for nine years between 2011 and 2020 and steered the Swiss lender in the aftermath of the 2008 financial crisis when the bank was rescued by Swiss financial authorities.

I am honored to be asked to lead this bank at a time that is so important for all its stakeholders and for Switzerland,” Ermotti said.

“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,” the new CEO added.EFE


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