After acquiring Credit Suisse, UBS (UBSG.S.) announced on Friday that it will restructure the board of its domestic Swiss company, appointing a new chairman to lead both businesses.
According to the lender, Roger von Mentlen will lead the boards of directors of Credit Suisse Switzerland and UBS Switzerland.
He will succeed Peter Derendinger, who has led the board of directors of Credit Suisse (Schweiz) AG since March 2019, and Markus Ronner, who has led UBS Switzerland since 2022.
After the change takes effect on Nov. 1, there will be two parallel supervisory boards with the same members. Still, the executive boards of the separate banks will continue to oversee the operations of their respective Swiss companies.
The action is intended to provide “closely coordinated supervision” of the two Swiss banks, whose legal merger is anticipated to be completed next year.
Following the emergency purchase of its faltering rival this year, UBS stated in August that it intended to incorporate Credit Suisse’s domestic business into its current operations.
In his over 40 years with UBS, von Mentlen held several positions, including ten years as the country’s head of personal banking. Since 2020, he has served as a director on the board of UBS Switzerland AG.
“We would like to thank the previous board members for their great commitment and congratulate Roger von Mentlen on his appointment as chairman of the board of directors,” said Sergio Ermotti, CEO of UBS Group. Roger is the best choice to chair both boards to merge the two Swiss banks properly.
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