UBS says Credit Suisse CEO to join board in mega merger


ZURICH: Swiss banking giant UBS The Credit Suisse boss announced this on Tuesday Ulrich Koerner will join the board after taking over the fallen domestic competitor.
Koerner will be the only Credit Suisse executive to remain on board following the bank’s takeover by UBS.
The Swiss government has forced UBS to buy its competitor for $3.25 billion after the collapse of three US lenders in March raised concerns about Credit Suisse’s own financial health following a string of scandals in recent years.
Swiss German Koerner, 60, spent a decade in senior positions at UBS before joining Credit Suisse last year to take on the difficult task of reviving the ailing bank he previously worked for.
“With his knowledge of both organizations, he will be responsible for ensuring Credit Suisse’s operational continuity and client focus while supporting the integration process,” said UBS.
UBS expects the merger to be completed “in the next few weeks.”
The two banks will “continue to operate independently for the foreseeable future and UBS will implement the integration in a phased approach,” it said.
The combined bank will operate with five divisions, each represented by directors.
UBS CEO Sergio ErmottiBrought back last year to handle the merger into Switzerland’s largest bank, said the “integration of the businesses and legal entities will take time”.

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