UBS has brought back Sergio Ermotti as CEO to lead the takeover of Credit Suisse, writes the British publication Financial Times.
Ermotti, who was chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS announced on Wednesday. Hamers will remain as an adviser during a transition period, the Swiss bank said.
UBS said it acted “given the new challenges and priorities facing UBS following the announcement of the acquisition” and cited Ermotti’s previous experience, including a restructuring of its investment bank.
“This unique experience, together with his deep understanding of the financial services industry in Switzerland and globally, make Sergio Ermotti ideally positioned to continue the integration of Credit Suisse,” UBS said.
The announcement comes less than two weeks after UBS agreed to take over Credit Suisse in a $3.25 billion bailout deal over the weekend backed by Swiss authorities.
In a statement, Hamers said it was “stepping down in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector.”
“Integrating Credit Suisse is UBS’s most important task and I am confident that Sergio will successfully guide the bank through this new phase. Of course, I am sorry to be leaving UBS, but circumstances have changed in ways that none of us could have anticipated. wait,” Hamers said. Hamers has been CEO since November 2020. Hammers worked at ING Bank Romania in the early 2000s.
Between August 1999 and April 2002, Ralph Hamers managed the Romanian branch of the Dutch bank, when he was only 33 years old. He was the most important CEO who led operations in Romania and then reached the highest top position in a global company, taking over after about a decade the management of the Dutch financial group.
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. “With his unique experience, I am very confident that Sergio will ensure the successful integration that is so essential for the customers, employees and investors of both banks, as well as for Switzerland. I know Sergio will deliver.”
Ermotti will leave Swiss Re, the reinsurer where he is president.
