UBS overhauls board of domestic business after Credit Suisse takeover

ZURICH (Reuters) -UBS on Friday said it will overhaul the board of its domestic Swiss business after its takeover of Credit Suisse, including a new chairman to oversee both operations.

The lender said Roger von Mentlen will become chairman of the boards of directors of UBS Switzerland and of Credit Suisse Switzerland.

He will replace Markus Ronner, who was chairman of UBS Switzerland since 2022, and Peter Derendinger, who served as chairman of the board of directors of Credit Suisse (Schweiz) AG since March 2019.

The change, effective Nov. 1, will create two parallel supervisory boards with identical members, and the banks’ Swiss businesses will still be operationally led by their respective executive boards.

The move is designed to ensure “closely coordinated supervision” of the two Swiss banks, which are expected to complete their legal merger next year.

UBS said in August it planned to integrate Credit Suisse’s domestic business into its existing operations after its emergency takeover of its fallen rival this year.

Von Mentlen held several roles during his more than 40 years at UBS, with 10 years as head of personal banking in Switzerland. He has been a member of the board of directors of UBS Switzerland AG since 2020.

Sergio Ermotti, UBS Group CEO, said: “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.”

(Reporting by John Revill. Editing by Friederike Heine and Gerry Doyle)