UBS and Credit Suisse restructure boards of directors
20 October 2023 Switzerland
Image: nmann77/stock.adobe.com
The board of directors of UBS Switzerland and Credit Suisse will be restructured from 1 November 2023. Roger von Mentlen has been appointed chairman for both boards.
This follows the planned integration of Credit Suisse’s Swiss business into UBS, announced 31 August 2023. Preceding the finalisation of the legal merger, expected to occur in 2024, the banks’ separate executive boards are being restructured in order to ensure supervision coordination around the integration.
Von Mentlen has more than four decades of experience with UBS, and has been a member of the board of directors since 2020. During his time with the bank, he spent 10 years as head of personal banking in Switzerland.
He replaces Markus Ronner as head of the board of directors at UBS Switzerland, and Peter Derendinger as chairman of the board of directors for Credit Suisse. The majority of both boards consist of existing members, in order to aid continuity.
UBS completed its acquisition of Credit Suisse in June, after taking over the bank in March. Both firms will be managed as separate parent banks by UBS Group, the boards of which will hold overall responsibility for the organisations.
Sergio Ermotti, CEO of UBS Group, says: “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. Roger is the ideal candidate to lead both Boards with an eye to successfully combining the two banks in Switzerland.”
This follows the planned integration of Credit Suisse’s Swiss business into UBS, announced 31 August 2023. Preceding the finalisation of the legal merger, expected to occur in 2024, the banks’ separate executive boards are being restructured in order to ensure supervision coordination around the integration.
Von Mentlen has more than four decades of experience with UBS, and has been a member of the board of directors since 2020. During his time with the bank, he spent 10 years as head of personal banking in Switzerland.
He replaces Markus Ronner as head of the board of directors at UBS Switzerland, and Peter Derendinger as chairman of the board of directors for Credit Suisse. The majority of both boards consist of existing members, in order to aid continuity.
UBS completed its acquisition of Credit Suisse in June, after taking over the bank in March. Both firms will be managed as separate parent banks by UBS Group, the boards of which will hold overall responsibility for the organisations.
Sergio Ermotti, CEO of UBS Group, says: “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. Roger is the ideal candidate to lead both Boards with an eye to successfully combining the two banks in Switzerland.”
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