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Sergio Ermotti Returns as UBS Chief Executive to Lead Credit Suisse Acquisition

UBS reinstated Sergio Ermotti as CEO to lead the acquisition of Credit Suisse.

Ermotti, who served nine years as chief executive before stepping down in 2020, will replace Ralph Hammers. UBSMore said Wednesday. The Swiss bank said Hamers will remain an advisor during the transition period.

UBS said it acted “in light of the new challenges and priorities facing UBS following the announcement of the acquisition”. ErmottiPrior experience in including investment banking restructuring.

UBS said: “With this unique experience and deep understanding of the Swiss and global financial services industry, Sergio Ermotti is ideally positioned to pursue Credit Suisse integration.

The announcement comes less than two weeks after UBS agreed to buy Credit Suisse in a $3.25 billion weekend bailout deal backed by Swiss authorities.

“I am resigning in the interest of the new combined organization and its stakeholders, including Switzerland and its financial sector,” Hamers said in a statement.

“The integration of Credit Suisse is UBS’s most important mission and I am confident that Sergio will successfully guide the bank through this next phase. It changed in a way that no one expected,” Hammers said.

Hammers has served as Chief Executive Officer since November 2020.

UBS Chairman Colm Kelleher said Hamers had put UBS “in a position to stabilize Credit Suisse and ensure a successful integration”.

“This acquisition supports UBS’s existing strategy but imposes new priorities on us,” he said. “With his unique experience, I am confident that Sergio will succeed in integrating the bank’s customers, employees, investors and all of Switzerland’s very important interests.

Ermotti leaves the reinsurance company Swiss Re, where he is chairman.

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UBS reinstated Sergio Ermotti as CEO to lead the acquisition of Credit Suisse.Ermotti, who served nine years as chief executive before stepping down in 2020, will replace Ralph Hammers. UBSMore said Wednesday. The Swiss bank said Hamers will remain an advisor during the transition period.UBS said it acted “in light of the new challenges and priorities facing UBS following the announcement of the acquisition”. ErmottiPrior experience in including investment banking restructuring.UBS said: “With this unique experience and deep understanding of the Swiss and global financial services industry, Sergio Ermotti is ideally positioned to pursue Credit Suisse integration.The announcement comes less than two weeks after UBS agreed to buy Credit Suisse in a $3.25 billion weekend bailout deal backed by Swiss authorities.”I am resigning in the interest of the new combined organization and its stakeholders, including Switzerland and its financial sector,” Hamers said in a statement.

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“The integration of Credit Suisse is UBS’s most important mission and I am confident that Sergio will successfully guide the bank through this next phase. It changed in a way that no one expected,” Hammers said.Hammers has served as Chief Executive Officer since November 2020.UBS Chairman Colm Kelleher said Hamers had put UBS “in a position to stabilize Credit Suisse and ensure a successful integration”.”This acquisition supports UBS’s existing strategy but imposes new priorities on us,” he said. “With his unique experience, I am confident that Sergio will succeed in integrating the bank’s customers, employees, investors and all of Switzerland’s very important interests.Ermotti leaves the reinsurance company Swiss Re, where he is chairman.
https://www.ft.com/content/5b677ee0-83d4-47a2-aafa-a88a5b5fae74 Sergio Ermotti Returns as UBS Chief Executive to Lead Credit Suisse Acquisition

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