Ralph Hamers leaves UBS after mega takeover

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Ralph Hamers leaves UBS after mega takeover

After the takeover of Credit Suisse by the Swiss bank UBS, CEO Ralph Hamers leaves UBS. The bank reports this in a statement. Hamers, previously ING’s top man, will be replaced by Sergio Ermotti as CEO.

Ermotte, now CEO of Swiss Re, is well known at UBS. He previously served as CEO of the Swiss banking giant between 2011 and 2020. Hamers will leave as CEO on April 5, after which he will guide his successor in a transitional period.

“The Board of Directors made this decision in light of the new challenges and priorities facing UBS following the announcement of the acquisition,” the bank said in a statement.

‘In the interest of Switzerland’

Hamers said in a statement that the integration of Credit Suisse is “UBS’s most important task” and that he has every confidence in his successor. “I am stepping aside in the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector.”

Chairman of the Supervisory Board Colm Kelleher states that Hamers has done his job ‘excellent’. “UBS has built the strengths under his leadership that have enabled us to stabilize Credit Suisse and ensure a successful integration,” said Kelleher. In addition, he now speaks of ‘new priorities’ in the light of the takeover. To address those, Ermotti is given confidence to further develop the merger between UBS and Credit Suisse, “which is so essential for the customers, employees and investors of both banks and for Switzerland.”

Acquisition of Credit Suisse

When UBS’ Swiss competitor Credit Suisse ran into financial problems for a few weeks, UBS took over the bank for a pittance. For just $3 billion, the acquisition closed, which was a fraction of Credit Suisse’s initial market value.

The merger of the two banks will in all probability lead to a major reorganization, because many duplicate functions will remain.

After the takeover of Credit Suisse by the Swiss bank UBS, CEO Ralph Hamers leaves UBS. The bank reports this in a statement. Hamers, previously ING’s top man, will be replaced by Sergio Ermotti as CEO. (ANP/EPA)

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