UBS has appointed Sabine Keller-Busse as the new president of UBS Switzerland, replacing Axel Lehmann in the first key restructure under new CEO Ralph Hamers.

At present, Keller-Busse serves as the group COO and EMEA president.

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Keller-Busse, who has been the Group COO since January 2018, previously held the role of UBS Switzerland COO.

Lehmann, who also serves as the Personal and Corporate Banking president, will step down from his roles at the end of January next year and depart at the end of July.

He previously held the role of Group COO from 2016 to 2017. He had a seat on the UBS board of directors from 2009 to 2015 and was part of the risk committee.

Commenting on Keller-Busse’s new role, Hamers said: “With her strong track record in managing and transforming Group Functions as well as in facilitating business growth as President EMEA and former COO of UBS Switzerland, Sabine Keller-Busse is ideally positioned to move UBS Switzerland forward to continued success.

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“The Swiss home market remains a key pillar of UBS’s strategy, and I look forward to working with Sabine in her new role.

“I’d also like to thank Axel Lehmann for his strong contributions and solidifying UBS’s position as digital leader and the largest bank in Switzerland.”

Additionally, current UBS Global Wealth Management co-president Iqbal Khan will become EMEA president, succeeding Keller-Busse. Khan will also retain his existing position.

The changes will take effect from 1 February 2021. UBS said it will name a new group COO later.

UBS chairman Axel Weber said: “I want to thank Axel Lehmann for his outstanding contribution over many years, first as a member of the Board of Directors and then as a member of the Group Executive Board. He has provided invaluable expertise in both roles. I wish Axel all the best for the future.”

Recently, UBS unveiled top management changes in its India operations, including the appointment of Uday Odedra as the new country head for India.