UBS Brings Back Sergio Ermotti as CEO to Direct Credit Suisse Acquisition

Former UBS CEO Sergio Ermotti will return to the Swiss bank to lead the takeover of Credit Suisse and become CEO of the combined giant.

Ermotti, who currently heads the insurance and reinsurance group Swiss Re, was CEO of UBS between 2011 and 2020.

Meanwhile, Hamers will remain in the advisory role to help direct and manage UBS' acquisition of rival Credit Suisse.

On March 19, UBS agreed to take over offshore bank Credit Suisse for CHF 3 billion ($3.25 billion) after a high-drama weekend of talks between regulators and several federal cabinet ministers.

Indeed, the sudden and unexpected turn of events led to a realignment at the UBS management level, with Irmotti seen as the best person to take charge of the expanded banking group.

On his part, UBS stated, "The Board of Directors took the decision in light of the new challenges and priorities facing the bank after the acquisition announcement."

Ermotti said in a statement: "I am aware of the uncertainty felt by many, and we need to evaluate all options thoughtfully and systematically."

In an interview with the newspaper Neue Zürcher Zeitung in November 2022, he stated that Switzerland does not need two large international banks to grow.

On that occasion, he added, "The strength of the country's financial position lies in its diversity, which is much more important than the number of major banks."

Hamers, who succeeded Ermotti at the end of 2020, said: “Circumstances have changed in ways that none of us expected. I am stepping aside in order to protect the interests of the new combined entity and its stakeholders, including Switzerland and its financial sector.”

Swiss Re, one of the largest insurance and reinsurance groups in the world, appointed board member Jacques de Vaucleroy as its interim president until a permanent successor to Ermotti is found.