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UBS has announced that Credit Suisse CEO Kellner will join its board of directors after an emergency rescue.

Ulrich Kellner, Chief Executive Officer of Credit Suisse Group AG, during an interview with Bloomberg Television in London, United Kingdom, Tuesday, March 14, 2023.

Holly Adams | Bloomberg | Bloomberg | Getty Images

UBSMore announced on Tuesday credit suisse CEO Ulrich Koerner will join the executive committee of the new joint venture. Emergency purchase of disaster-stricken banks Done.

The Swiss giant said legal formalities for the acquisition are expected to be completed within the next few weeks and the combined company will operate as an “integrated banking group”.

The Credit Suisse brands will operate independently “for the time being” as UBS integrates the business in a “phased approach,” the bank said in a statement.

swiss authorities Brokered Credit Suisse’s controversial emergency rescue Three billion Swiss francs ($3.37 billion) were paid out by UBS over the weekend of March as a crisis of confidence between depositors and shareholders threatened to overthrow the 167-year-old institution.

After the closing of the transaction, UBS will initially manage two separate companies, each of which will continue to operate its own subsidiaries and branches, while the UBS Board and Executive Committee will be part of the combined group. I have confirmed that I am responsible for

Koerner, who acquired ailing Credit Suisse in July 2022 and immediately launched a major strategic overhaul aimed at reversing the bank’s chronic deficits and risk management failures, joins the board UBS has confirmed that it will join.

UBS said: “With my knowledge of both organizations, I am responsible for ensuring operational continuity and customer focus for Credit Suisse while supporting the integration process.”

UBS veteran Todd Tuckner will become the group’s chief financial officer, succeeding Sarah Youngwood, who has decided to step down after the transaction closes.

In addition to Credit Suisse, the combined company will operate in five business units, seven functions and four geographies, each with directors reporting directly to UBS CEO Sergio Ermotti.

Ermotti said it was a “pivotal moment for UBS, Credit Suisse and the banking industry as a whole.”

“We will consolidate and represent the Swiss financial model around the world, which is low capital, less reliant on risk taking, and underpinned by stability and fine-grained services,” Ermotti said in a statement. .

“The addition of Credit Suisse to UBS’s highly capital-aggregating business model, diversified revenue streams, disciplined risk management and all-season balance sheet is a great opportunity for our customers, employees, investors and the people we serve. It will benefit our economy, and the broader financial system.”

Summarize this content to 100 words Ulrich Kellner, Chief Executive Officer of Credit Suisse Group AG, during an interview with Bloomberg Television in London, United Kingdom, Tuesday, March 14, 2023. Holly Adams | Bloomberg | Bloomberg | Getty ImagesUBSMore announced on Tuesday credit suisse CEO Ulrich Koerner will join the executive committee of the new joint venture. Emergency purchase of disaster-stricken banks Done.The Swiss giant said legal formalities for the acquisition are expected to be completed within the next few weeks and the combined company will operate as an “integrated banking group”.The Credit Suisse brands will operate independently “for the time being” as UBS integrates the business in a “phased approach,” the bank said in a statement.swiss authorities Brokered Credit Suisse’s controversial emergency rescue Three billion Swiss francs ($3.37 billion) were paid out by UBS over the weekend of March as a crisis of confidence between depositors and shareholders threatened to overthrow the 167-year-old institution.After the closing of the transaction, UBS will initially manage two separate companies, each of which will continue to operate its own subsidiaries and branches, while the UBS Board and Executive Committee will be part of the combined group. I have confirmed that I am responsible forKoerner, who acquired ailing Credit Suisse in July 2022 and immediately launched a major strategic overhaul aimed at reversing the bank’s chronic deficits and risk management failures, joins the board UBS has confirmed that it will join.UBS said: “With my knowledge of both organizations, I am responsible for ensuring operational continuity and customer focus for Credit Suisse while supporting the integration process.”UBS veteran Todd Tuckner will become the group’s chief financial officer, succeeding Sarah Youngwood, who has decided to step down after the transaction closes.In addition to Credit Suisse, the combined company will operate in five business units, seven functions and four geographies, each with directors reporting directly to UBS CEO Sergio Ermotti.Ermotti said it was a “pivotal moment for UBS, Credit Suisse and the banking industry as a whole.””We will consolidate and represent the Swiss financial model around the world, which is low capital, less reliant on risk taking, and underpinned by stability and fine-grained services,” Ermotti said in a statement. .“The addition of Credit Suisse to UBS’s highly capital-aggregating business model, diversified revenue streams, disciplined risk management and all-season balance sheet is a great opportunity for our customers, employees, investors and the people we serve. It will benefit our economy, and the broader financial system.”
https://www.cnbc.com/2023/05/09/ubs-announces-credit-suisse-ceo-koerner-to-join-board-after-emergency-rescue.html UBS has announced that Credit Suisse CEO Kellner will join its board of directors after an emergency rescue.

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