(Tiper Stock Exchange) – UBS extension has outlined its new operating model and leadership teamin view of the completion of the acquisition of Credit Suisse. The two banks will continue to operate independently for the foreseeable future and UBS will implement the integration in “a phased approach”.
The combined company will operate with five corporate divisions, seven functions and four regionsas well as Credit Suisse AG. Each will be represented by a member of the Group Executive Board, all of whom will report to Group CEO Sergio Ermotti.
Among the most significant innovations, Ulrich Korneras CEO of Credit Suisse, will become a member of the UBS Executive Board upon closing of the transaction.
Todd Tuckner is appointed Chief Financial Officer of the group. He will become a member of the Group Executive Board effective immediately and will assume the role of CFO upon completion of the acquisition.
“With its new business model and management team, UBS is well equipped to build on its existing strength and successes over the past decade,” he commented. Sergio ErmottiCEO of UBS Group – Theintegration of companies and legal entities will take time. But the addition of Credit Suisse to UBS’s business model of high capital growth, diversified revenue streams, disciplined risk management and all-weather balance sheet will benefit our clients, employees, investors, the economies we serve and of the financial system in general”.