UBS Outlines New Operating Model, Leadership Team Ahead of Credit Suisse Acquisition
09 Maio 2023 - 02:58AM
Dow Jones News
By Pierre Bertrand
UBS Group on Tuesday outlined its new operating model and
leadership team as it said that it anticipates its acquisition of
Credit Suisse Group will close in the next few weeks.
The Swiss bank said Credit Suisse Chief Executive Ulrich Koerner
will join UBS's executive board once the transaction is closed,
while Todd Tuckner will take on the role of group Chief Financial
Officer.
UBS said that on the closure of the acquisition, both banks will
operate as a consolidated banking group but that each will act
independently for the foreseeable future, adding that UBS will
carry out the integration of its Swiss peer in a phased
approach.
UBS will initially manage the two separate parent companies and
each will continue to have its subsidiaries, branches and be able
to serve its clients and deal with counterparties, it said. UBS's
board of directors and its group executive board will hold overall
responsibility for the consolidated group, UBS said.
The combined group will operate with five business divisions,
seven functions and four regions in addition to Credit Suisse, with
each represented by a group executive board member reporting to
group Chief Executive Sergio Ermotti, UBS said.
Credit Suisse will continue to rely on its established risk
control frameworks, but new policies will be adopted to enable UBS
to have effective oversight, UBS said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 09, 2023 01:43 ET (05:43 GMT)
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