UBS Group has rehired Sergio Ermotti as its new CEO in a bid to oversee the complex acquisition of its embattled rival Credit Suisse Group.

Ermotti, who is currently the chairman of Swiss Re, served as the CEO of UBS from 2011 to 2020.

He will assume the new role on 5 April 2023 and has also been appointed as the president of the Swiss banking giant’s group executive board.

In his previous stint at UBS, Ermotti helped rebuilt the bank after the global financial crisis.

Ermotti will replace the bank’s current CEO Ralph Hamers, who is set to step down to facilitate a smooth integration of UBS with Credit Suisse.

However, Hamers will work together with Ermotti as an advisor during a transition phase and ensure a successful completion of the Credit Suisse deal.  

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Around a week back, UBS agreed to purchase Credit Suisse as part of a deal brokered by the Swiss government, central bank and regulators.

UBS chairman Colm Kelleher said: “Ralph has been an outstanding CEO of UBS, driving the group to unprecedented success despite a challenging environment.

“Under his leadership UBS built the strengths that have put us in a position to stabilize Credit Suisse and ensure a successful integration.

“On behalf of the whole Board, I would like to express my deep respect and gratitude for all that Ralph has achieved over the last two-and-a-half years and for his instrumental role in delivering the Credit Suisse deal, as well as his understanding of the current situation and willingness to step down. While the acquisition will support UBS’s existing strategy, it imposes new priorities on us.”