UBS names Sergio Ermotti as its new Group CEO, following acquisition deal of Credit Suisse

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UBS named Sergio Ermotti as its new Group CEO on Wednesday, following the recent acquisition deal of Credit Suisse. The current CEO Ralph Hamers is set to remain at UBS and work alongside Sergio P. Ermotti to advise the bank during a transition period "ensure a successful closure of the transaction and a smooth hand-over," the company said in a statement.

"The Board wishes to express its deep gratitude to Ralph Hamers for his outstanding leadership, steering UBS to record results in two successive years, and for his instrumental role in bringing about the Credit Suisse acquisition," the Swiss bank said. The leadership change comes "in light of the new challenges and priorities facing UBS after the announcement of the acquisition," UBS said Hamers reportedly told employees of the government-orchestrated takeover that UBS "did not buy Credit Suisse only to close it," Reuters reported.

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