USB appoints Sergio Ermotti new CEO

By Tuba Ongun

ANKARA (AA) - Swiss banking giant UBS Group appointed Sergio Ermotti its new CEO effective on April 5, after its announcement of the acquisition of troubled lender Credit Suisse.

The decision was taken in light of the new challenges and priorities facing UBS after the announcement of the takeover, it said in a statement on Wednesday.

Ermotti will succeed Ralph Hamers, who has agreed to step down but will remain at the company to work as an advisor during a transition period to ensure a successful closure of the transaction and a smooth handover, it said.

Ermotti had served UBS for nine years as the group CEO and repositioned UBS following severe challenges arising from the global financial crisis.

"In particular, he built financial strength and improved resilience by putting the firm’s leading global wealth and asset management business, and Swiss universal bank, at its core," read the statement.

Ermotti is currently chairman of Swiss Re, a global reinsurance giant.

Last week UBS bought its rival Credit Suisse for around 3 billion Swiss francs ($3.25 billion) with the backing of Swiss authorities.