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UBS brings back Sergio Ermotti as CEO after Credit Suisse rescue

Hong Kong CNN  — 

UBS is bringing back its former chief executive, Sergio Ermotti, effective April 5.

Ermotti is currently chairman of Swiss Re. He previously served as UBS (UBS) CEO for nine years.

The announcement comes about a week after the Swiss bank agreed to acquire Credit Suisse (CS) in a landmark emergency bailout.

UBS’ current CEO Ralph Hamers “has agreed to step down to serve the interests of the new combination, the Swiss financial sector and the country,” the bank said in a statement Wednesday.

Hamers will remain at the lender for a transition period to hand over his duties.

“The board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” the bank added.

— This is a developing story and will be updated.