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Credit Suisse (CS) faced severe liquidity issues during the Covid crisis, being the only global systemically important bank unable to meet its requirements, which led to failed merger talks with UBS in 2020. UBS later acquired CS in 2023, benefiting from the latter's weakened state and government guarantees, avoiding the risks and costs associated with a merger three years earlier. UBS's management had long viewed CS as doomed, particularly after its 2015 strategy under Tidjane Thiam, which was seen as a dead end.
Ralph Hamers, currently CEO of ING Group, will succeed Sergio Ermotti as CEO of UBS on November 1. After transforming ING into a digital banking leader over six years, Hamers will leave ING on June 30 and join UBS on September 1, following a decision not to extend Ermotti's term. This leadership change at UBS comes shortly after a similar transition at Credit Suisse.
Tidjane Thiam
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ubs avoids merger with credit suisse in 2020 amid liquidity concerns
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05:30 29.10.2024
Ralph Hamers appointed new CEO of UBS succeeding Sergio Ermotti
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23:23 15.10.2024
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