By Adria Calatayud


UBS Group said Roger von Mentlen will be appointed as chairman of UBS and Credit Suisse's Swiss banks under a restructuring of their boards of directors as part of the integration of the two businesses.

The Swiss banking giant said Friday that it expects the legal merger between UBS Switzerland and Credit Suisse's Swiss business to take place in 2024. Their boards will be restructured and harmonized as of Nov. 1 to ensure closely coordinated supervision of the integration process, it said.

Von Mentlen, who has spent more than 40 years at UBS and has been a board member of its Swiss business since 2020, will take over as chairman of the two boards, UBS said. He will succeed Markus Ronner, who has chaired UBS Switzerland's board since last year, and Peter Derendinger, who has served as chairman of Credit Suisse's Swiss business since March 2019.

The bodies will consist mainly of existing board members of UBS and Credit Suisse's Swiss banks, UBS said.

UBS, which in late August said it had decided to integrate Credit Suisse's Swiss business into its existing business, said the two units will be managed by their respective executives until the legal merger.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

10-20-23 0131ET