2023-3-29 13:08 |
Coinspeaker
UBS Names Sergio Ermotti as New CEO to Supervise Credit Suisse Acquisition
Investment banking company UBS has named former UBS Group CEO Sergio Ermotti as the new CEO to oversee the Credit Suisse takeover. UBS bought Credit Suisse for $3.2 billion last week as regulators seek to ramp up the global banking system. The Swiss National Bank referred to the acquisition as the solution to secure financial stability and the protection of the nation’s economy. Notably, the central banks worked with the government and the Swiss Financial Market Supervisory Authority concerning the transaction between the two banks.
Sergio Ermotti Becomes New CEO of UBSAs UBS acquires Credit Suisse, the former announced that Ermotti would oversee the deal from the 5th of April. This means Ermotti will return to the company he previously served for nine years between November 2021 and October 2020. The former investment banker and Swiss Re chairman will replace the current CEO Ralph Hamers. Hamers will not be completely leaving the company. Instead, he will remain to advise the bank to ensure a done-deal and smooth handover during the transition. On the leadership change, UBD said the new CEO is needed due to new challenges and properties facing the company following the acquisition announcement.
UBS did not fail to acknowledge Hamers as an “outstanding” executive. The group’s chairman Colm Kelleher said the exiting CEO led the company to “unprecedented success despite a challenging environment.” That said, UBS also applauded the new CEO for successfully repositioning the bank after the 2008 global financial crisis. The financial institution noted that Ermotti was able to reach an intense culture change within the bank. The changes made the Swiss company regain the bank clients’ and stakeholders’ trust after the financial storm. Kelleher said concerning the new CEO:
“With his unique experience, I am very confident that Sergio will deliver the successful integration that is so essential for both banks’ clients, employees and investors, and for Switzerland.”
After the announcement of the new UBS CEO, the group’s chairman emphasized that the bank did not decide based on Ermotti’s Swiss nationality. Although he said nationality is a “nice thing,” it is not a determining factor for the appointment. Speaking further, Kelleher stressed the “significant execution risk” of finalizing the Credit Suisse takeover. Therefore, the new CEO is equipped as the “best pilot” to navigate the current challenge. Speaking on the new position, CEO Ermotti noted:
“There is a sense in me, and I felt, a sense of call of duty aspect. And also, frankly speaking, I always thought that despite all these discussions around the size of the bank, I always felt that the next chapter I wanted to write back then was a chapter of doing a transaction like this one.”
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