UBS says Credit Suisse CEO Koerner to join leadership of combined group
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UBS said Mr Ulrich Koerner would be responsible for Credit Suisse's operational continuity and client focus.
PHOTO: AFP
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ZURICH – UBS Group said on Tuesday that Credit Suisse chief executive Ulrich Koerner will join the executive board of the combined bank once it closes the takeover of its Swiss rival,
The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse, which UBS agreed to take over in March for three billion Swiss francs (S$4.5 billion), saying it would assume up to five billion francs in losses as part of a rescue backed by as much as 250 billion francs of state support.
Commenting on Mr Koerner’s future role, UBS said he had knowledge of both organisations and would be responsible for Credit Suisse’s operational continuity and client focus, while supporting its integration.
UBS reiterated that it would evaluate all options for Credit Suisse’s Swiss business and would “communicate further on this matter in the coming months”. REUTERS
