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UBS brings back Ermotti as CEO with Credit Suisse deal ahead

Swiss bank UBS announced former CEO Sergio Ermotti will lead the company's controversial acquisition of troubled rival Credit Suisse, which restored investor confidence as shares went up.

AP

Newly appointed Group CEO of UBS Sergio Ermotti, right, outgoing CEO Ralph Hamers, centre, and UBS Chairman Colm Kelleher, left, arrive for a news conference in Zurich, Switzerland.

The Swiss bank UBS has said that it's bringing back former CEO Sergio Ermotti to lead once again as it moves forward on a government-orchestrated plan to take over struggling rival Credit Suisse.

Ermotti will take over from current CEO Ralph Hamers, who took up the job in November 2020 and will remain at UBS during a transition period “to ensure a successful closure of the transaction and a smooth hand-over,” the bank said in a statement on Wednesday.

Ermotti was the bank's top executive for nine years and UBS credited him for having “cut its footprint” and changing the culture of the bank.

The re-appointment takes effect on April 3, 2023.

Shares in UBS rose after the statement was released.

The bank's stock price jumped by 2.5 percent to 18.18 Swiss francs following the announcement that Ermotti, who is credited with restoring UBS's reputation following the 2008 financial crisis, would take over in April.