UBS appoints former boss to lead ‘urgent and challenging’ Credit Suisse merger

Sergio P. Ermotti will replace Ralph Hamers as group chief executive, returning to the role he held for nine years until 2020.

Swiss bank UBS has reappointed its former boss to lead the takeover of Credit Suisse after it rescued the beleaguered rival lender (John Stillwell/PA) (PA Archive)

Swiss bank UBS has reappointed its former boss to lead the takeover of Credit Suisse after it rescued the beleaguered rival lender.

Sergio P. Ermotti will replace Ralph Hamers as group chief executive as the bank faces the “urgent and challenging” task of merging the two global banking giants.

UBS said Mr Ermotti, who led the group for nine years until he stepped down in 2020, is better suited to manage the transition because of his experience transforming the bank after the 2008 financial crisis.