UBS has brought back Sergio Ermotti as managing director to lead its takeover of Credit Suisse.
Ermotti, who served as chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS said Wednesday. Hamers will remain as an adviser for a transition period, the Swiss bank said.
UBS said it acted “in light of the new challenges and priorities that UBS faces following the announcement of the acquisition” and quoted Hermottifrom the previous experience of in particular a restructuring of its investment bank.
“This unique experience, combined with his deep understanding of the financial services industry in Switzerland and globally, positions Sergio Ermotti in an ideal position to continue the integration of Credit Suisse,” said UBS.
The announcement comes less than two weeks after UBS agreed to take over Credit Suisse in a $3.25 billion weekend bailout deal backed by Swiss authorities.
In a statement, Hamers said he was “stepping down in the interest of the new combined entity and its stakeholders, including Switzerland and its financial sector.”
“The integration of Credit Suisse is UBS’ most important task and I am confident that Sergio will successfully guide the bank through this next phase. I am of course sorry to leave UBS, but circumstances have changed in a way none of us expected,” Hamers said.
Hamers had been chief executive since November 2020.
UBS Chairman Colm Kelleher said Hamers had put the bank “in a position to stabilize Credit Suisse and ensure a successful integration.”
“While the acquisition will support UBS’s existing strategy, it imposes new priorities on us,” he said. “Thanks to his unique experience, I am convinced that Sergio will achieve the integration so essential for the customers, employees and investors of the banks, as well as for Switzerland. I know Sergio will hit the ground running.
Ermotti will leave Swiss Re, the reinsurer of which he is president.
