Koerner To Join Board After Emergency Rescue - UBS
Ulrich Koerner will join the executive board of the new joint entity once its emergency purchase of the stricken bank completes.
In an announcement by 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.
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.
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.
The UBS board of directors and executive board will hold overall responsibility for the consolidated group.
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