UBS outlines new leadership team as it says Credit Suisse deal will close in coming weeks

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 (CSGN.EB) will close in the next few weeks.

The Swiss bank (UBS) 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

-Pierre Bertrand

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05-09-23 0151ET

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