Ermotti confirmed as UBS chief executive

Sergio Ermotti has been confirmed as UBS’s
chief executive after serving in an interim capacity for the past
three months.

Ermotti was appointed as group interim chief
executive in September after
Oswald Gruebel resigned over
a $2.3bn trading scandal at the bank’s London offices.

He will be charged with restructuring the
Swiss giant’s investment banking division to better serve its
private banking arm.

Board changes

UBS also said its chairman of the board of
directors Kaspar Villiger will not stand for re-election to the
board at the annual general meeting in May 2012.

Axel Weber, who was nominated to be vice
chairman of the board, is now proposed to succeed Villiger as
chairman.

Active expansion globally

Meanwhile, UBS Wealth Management has expanded
its operations in Mexico, hiring three experienced bankers.

Enrique Ignacio Morales Abiega, Jaime Lopez
Hidalgo Preciado and Gabriel Gomez Zaragoza will act as personal
consultants for bank customers.

Jaime Preciado Lopez Hidalgo will also lead
the Guadalajara metropolitan region, while Gabriel Gomez Zaragoza
will assume responsibility for Monterrey.

All three will report to Nicholas Troillet,
director of UBS Wealth Management in Mexico.

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