Swiss financial institution UBS introduced former CEO Sergio Ermotti will lead the corporate’s controversial acquisition of troubled rival Credit score Suisse, which restored investor confidence as shares went up.
The Swiss financial institution UBS has mentioned that it is bringing again former CEO Sergio Ermotti to guide as soon as once more because it strikes ahead on a government-orchestrated plan to take over struggling rival Credit score Suisse.
Ermotti will take over from present CEO Ralph Hamers, who took up the job in November 2020 and can stay at UBS throughout a transition interval “to make sure a profitable closure of the transaction and a easy hand-over,” the financial institution mentioned in a press release on Wednesday.
Ermotti was the financial institution’s prime govt for 9 years and UBS credited him for having “reduce its footprint” and altering the tradition of the financial institution.
The re-appointment takes impact on April 3, 2023.
READ MORE: Credit score Suisse, UBS shares plunge after takeover announcement
Shares in UBS rose after the assertion was launched.
The financial institution’s inventory value jumped by 2.5 % to 18.18 Swiss francs following the announcement that Ermotti, who’s credited with restoring UBS’s fame following the 2008 monetary disaster, would take over in April.
UBS agrees to take over Credit score Suisse for over $3B
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