Credit Suisse CEO to join UBS board
UBS said on Tuesday it is bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks.
Geneva: UBS said on Tuesday it is bringing the CEO of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks.
The two Zurich-based banks, longtime rivals, are uniting in a $3.25 billion deal hastily arranged in March by Swiss government officials and regulators after Credit Suisse's stock plunged and jittery depositors quickly pulled out their money. The merger aimed to stem upheaval in the global financial system after the collapse of two US banks that has shaken confidence in the sector.
“This is a pivotal moment for UBS, Credit Suisse and the entire banking industry," said UBS CEO Sergio Ermotti, who was brought back to the bank to help see the deal through. “Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service,” he said.
