UBS announces successful implementation of UBS Switzerland AG
June 14 2015 - 12:30PM
Business Wire
Regulatory News:
With the implementation of UBS Switzerland AG, UBS has taken
another substantial step to improve the resolvability of the Group
in response to regulatory requirements affecting the entire banking
industry. UBS Switzerland AG is now operating as a fully-owned
banking subsidiary of UBS AG with its own banking license. As part
of the changes to UBS's legal structure, UBS AG's Retail &
Corporate and Wealth Management businesses booked in Switzerland
have been transferred to UBS Switzerland AG, effective June
14.
These changes will have no impact on UBS's strategy or on the
firm's business, nor will they affect the way it serves the vast
majority of the approximately 2.7 million clients of UBS
Switzerland AG. UBS Group will continue to maintain its
industry-leading capital position. UBS Switzerland AG has total
assets of more than CHF 300 billion and more than 11,000 employees.
As the leading bank in Switzerland, it remains an integral part of
the UBS Group and its global franchise.
Sergio P. Ermotti, Group Chief Executive Officer says:
"Today, UBS is taking another significant step towards improving
the resolvability of the Group and substantially complying, well
ahead of schedule, with Swiss Too-big-to-fail requirements."
Group CEO Sergio P. Ermotti has been appointed as Chairman of
the Board of Directors of UBS Switzerland AG. Group Chief Risk
Officer, Philip Lofts and Group CFO and COO Tom Naratil also joined
the Board as members. Gabi Huber and Hubert Achermann have been
elected as independent members of the Board, in line with FINMA
requirements. In its constitutional meeting earlier this year, the
Board of UBS Switzerland AG appointed Lukas Gähwiler as President
of the new Executive Board UBS Switzerland AG.
Lukas Gähwiler, President Executive Board UBS Switzerland
AG says: "We've been in close contact with our clients in
recent months to ensure a smooth transition. More than 2,000
employees have contributed to the successful implementation of UBS
Switzerland AG. I thank all employees involved for bringing this
complex project to a successful conclusion."
UBS Switzerland AG will disclose its financial results together
with the Group's second-quarter financial report on July 28.
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