UBS brings back Sergio Ermotti as CEO after Credit Suisse rescue | CNN Business

  • 📰 cnni
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 59%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

UBS is bringing back its former chief executive, Sergio Ermotti, effective April 5, to steer the group through its unplanned takeover of rival Credit Suisse

\n \n . UBS’ current CEO Ralph Hamers “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country,” the bank said in a statement Wednesday. Hamers will remain at the lender for a transition period to hand over his duties. “The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” the bank added.

” Ermotti’s appointment is also a recognition of the challenge of combining two sprawling global banks with assets worth nearly $1.7 trillion. The deal also poses risks to Switzerland’s economy. The combined entity’s assets are twice the size of the country’s GDP, while local deposits in the new entity equal 45% of GDP — an enormous amount even for a nation with healthy public finances and low levels of debt.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 326. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UBS names Sergio Ermotti as its new Group CEO, following acquisition deal of Credit SuisseThat’ll fix things… Dat is opmerkelijk…die zagen we niet aankomen , toch corné?
Source: CNBC - 🏆 12. / 72 Read more »