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Sunday, May 19, 2024

After Credit Suisse’s successful takeover and rescue, the head of the bank will now become a member of UBS’s board


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UBS revealed that the CEO of Credit Suisse, Ulrich Korner, will join their board after they complete the takeover of their Swiss banking rival. This decision is part of a larger leadership reshuffle, ensuing from the government-orchestrated rescue of Credit Suisse which was put together in a $3.25 billion US deal by UBS.

Korner is familiar with both organisations and will be responsible for maintaining the operational continuity of Credit Suisse and managing the integration between the two banking groups. The deal is expected to finalise in the “next few weeks”.

UBS CEO Sergio P. Ermotti commented: “This is a crucial moment for UBS, Credit Suisse and the entire banking sector. This merger will permit us to provide great returns to our shareholders, while allowing us to invest and expand. We will also be representing the Swiss model of finance globally – which is focused on stability, less risk and high-touch customer service.”

UBS also announced on Tuesday that Todd Tuckner will replace Sarah Youngwood as the chief financial officer of UBS.

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