Credit Suisse CEO to join board in mega merger: UBS

Swiss banking giant, UBS, has confirmed that Ulrich Koerner, CEO of Credit Suisse will join its board following the acquisition of its domestic rival. The Swiss government imposed the takeover for $3.25bn, prompted by the concern that Credit Suisse may also encounter financial difficulty following a series of scandals. Koerner will be the only executive from Credit Suisse to stay on board at UBS, and will be responsible for managing the integration process and ensuring Credit Suisse’s operational continuity. The merger is expected to be completed in the next few weeks. UBS CEO Sergio Ermotti said it will take time for the integration of the businesses and legal entities.