Switzerland’s UBS has announced an overhaul of its local business’ board following the completed takeover of domestic rival Credit Suisse.

Roger von Mentlen take over as chairman of the two boards of directors, replacing Markus Ronner and Peter Derendinger who had served as chairman of UBS Switzerland and Credit Suisse since 2022 and 2019 respectively.

Von Mentlen is a UBS veteran and has spent more than 40 years at the bank, with 10 of those spent as head of personal banking in Switzerland.

The change will come into effect from 1 November, and see the creation of two parallel supervisory boards with identical members. The banks’ respective Swiss businesses will still be operationally led by their executive boards which will consist mainly of existing members “in the interest of continuity”.

UBS said that restructuring the boards under von Mentlen would “allow for the best possible coordination of supervision in view of the integration of the two Swiss banks.”

In addition to the newly appointed von Mentlen, both boards will be made up of: Christoph Brunner (chairman of the Audit Committee); Daniel Crittin; Peter Derendinger (vice chairman of Credit Suisse (Schweiz) AG); Claudia Dill; Gabi Huber (vice chairwoman of UBS Switzerland AG); Barbara Lambert (chairwoman of the Risk Committee); and Damian Vogel.

Sergio P. Ermotti, UBS Group chief executive officer, said: “We would like to thank the previous Board members for their great commitment and congratulate Roger von Mentlen on his appointment as chairman of the board of directors.

“Roger is the ideal candidate to lead both Boards with an eye to successfully combining the two banks in Switzerland.”

UBS expects the legal merger between UBS Switzerland AG and Credit Suisse (Schweiz) AG to take place in 2024.

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