Business · Companies · 9 hrs ago
Ermotti reflects on UBS’s Credit Suisse takeover and regulatory pressures
UBS chief Sergio Ermotti is reflecting on crises that shaped the bank and the challenges it faces now.
In March 2023, UBS agreed to buy rival Credit Suisse in a state-brokered rescue.
The deal was worth 3 billion Swiss francs, or about US$3.66 billion.
At the time, Ermotti was chairman of reinsurer Swiss Re and expected to renew his term.
UBS chairman Colm Kelleher called him back to help steer the two banks’ integration.
Ermotti is also discussing regulatory pressures on UBS and the US midterm elections.
The interview gives no further details about what comes next.
UBS chief executive Sergio Ermotti reflected on leading the integration of Credit Suisse and facing regulatory pressures.
UBS agreed to buy Credit Suisse in a state-brokered rescue in March 2023.
UBS chairman Colm Kelleher called Ermotti to ask him to steer the integration.
At the time, Ermotti was chairman of Swiss Re and expected to renew his term.
- Who
- Sergio Ermotti, UBS chief executive, and Colm Kelleher, UBS chairman.
- What
- Ermotti reflected on the Credit Suisse integration and regulatory pressures.
- When
- The call came in late March 2023; the article was published on November 9, 2026.
- Where
- Not stated.
- Why
- UBS urgently needed an experienced leader to guide the integration after agreeing to buy Credit Suisse in a state-brokered rescue.
This story does not have two clearly opposing sides.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs in a state-brokered rescue.
UBS chairman Colm Kelleher called Sergio Ermotti, who was then chairman of Swiss Re, to lead the integration.
SCMP published Ermotti’s reflections on the integration and regulatory pressures.
- Purchase price
- 3 billion Swiss francs (US$3.66 billion)
- Acquirer
- UBS
- Target
- Credit Suisse
- UBS chairman
- Colm Kelleher
- Ermotti’s role at the time of the call
- Chairman of Swiss Re