UBS announces Credit Suisse CEO Koerner to join board after emergency rescue

Background on UBS and Credit Suisse

UBS is a Swiss multinational investment bank and financial services company headquartered in Zurich, Switzerland. It is one of the world’s largest wealth managers, and is considered to be one of the most powerful financial institutions in Europe. Credit Suisse is also a Swiss multinational investment bank and financial services company headquartered in Zurich, Switzerland. It is the second-largest bank in Switzerland and is one of the largest banks in Europe.

UBS’s Emergency Rescue of Credit Suisse

In April 2020, Credit Suisse was forced to seek help from UBS to avoid a liquidity crisis. UBS agreed to provide a $2.3 billion loan to Credit Suisse, which was used to meet regulatory requirements. UBS also agreed to buy $1 billion of Credit Suisse’s bonds in order to provide additional liquidity.

Thomas Koerner Joins UBS Board of Directors

As part of the agreement, UBS has announced that Credit Suisse CEO Thomas Koerner will join the UBS board of directors. Koerner will be the first Credit Suisse executive to serve on the UBS board.

Implications for UBS and Credit Suisse

The addition of Koerner to the UBS board of directors is seen as a sign of the close relationship between the two banks. UBS has stated that it views Credit Suisse as a “strategic partner” and that it is committed to helping Credit Suisse succeed. The move is also seen as a sign of UBS’s commitment to the Swiss banking industry. By rescuing Credit Suisse, UBS has demonstrated its commitment to the stability of the Swiss financial system.

FAQs

What is UBS?

UBS is a Swiss multinational investment bank and financial services company headquartered in Zurich, Switzerland. It is one of the world’s largest wealth managers, and is considered to be one of the most powerful financial institutions in Europe.

What is Credit Suisse?

Credit Suisse is also a Swiss multinational investment bank and financial services company headquartered in Zurich, Switzerland. It is the second-largest bank in Switzerland and is one of the largest banks in Europe.

Why did UBS rescue Credit Suisse?

In April 2020, Credit Suisse was forced to seek help from UBS to avoid a liquidity crisis. UBS agreed to provide a $2.3 billion loan to Credit Suisse, which was used to meet regulatory requirements. UBS also agreed to buy $1 billion of Credit Suisse’s bonds in order to provide additional liquidity.

Who is Thomas Koerner?

Thomas Koerner is the CEO of Credit Suisse. He will be the first Credit Suisse executive to serve on the UBS board of directors.

Conclusion

UBS’s announcement that Credit Suisse CEO Thomas Koerner will join the UBS board of directors is a sign of the close relationship between the two banks. This move is also seen as a sign of UBS’s commitment to the Swiss banking industry. UBS has demonstrated its commitment to the stability of the Swiss financial system by rescuing Credit Suisse.