UBS on Tuesday announced that Credit Suisse CEO Ulrich Koerner will join the executive board of the new joint entity once its emergency purchase of the stricken bank completes.
The Swiss giant said the legal close of the acquisition is expected within the next few weeks, and the combined entity will operate as a "consolidated banking group."
The Credit Suisse brand will operate independently for the "foreseeable future" as UBS integrates the business in a "phased approach," the bank said in a statement.by UBS for 3 billion Swiss francs over the course of a weekend in March, as a crisis of confidence among depositors and shareholders threatened to topple the 167-year-old institution.
UBS confirmed that it will initially manage the two separate companies upon the closure of the deal, with each institution continuing to operate its own subsidiaries and branches while the UBS board of directors and executive board will hold overall responsibility for the consolidated group. Koerner, who took over the ailing Credit Suisse in July 2022 and immediately launched a massive strategic overhaul aimed at reversing the bank's chronic loss-making and risk management failures, will join the board, UBS confirmed.
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