Stephan Zimmermann: «UBS is aware of its political responsibility»: UBS bosses will have to give the nation a good explanation as to why Credit Suisse Switzerland needs to be integrated, Stephan Zimmermann tells… StephanZimmermann UBS
As recently as April this year Stephan Zimmermann worked for UBS and its predecessor Swiss Bank Corporation . He now serves as a member of the board of directors of VP Bank in Liechtenstein and is married to former Federal Councilor Ruth Metzler-Arnold. Having held numerous management functions and belonged to the extended executive board, as well as serving as head of the German business and operational head of UBS Asset Management, he knows the organization like no one else.
What distinguishes the UBS Credit Suisse merger from the one twenty-five years ago is that «nobody wanted this takeover, not even UBS,» Zimmermann told finews.com in an interview.Twenty-five years ago people were behind the UBS/SBC merger, and that started with the respective heads of the companies. Mathis Cabiallavetta, head of SBA, and Marcel Ospel as CEO of SBC understood each other well and went on long walks in the canton of Grisons.
Ermotti's baseline scenario is the full integration of the Swiss division of the acquired bank, which makes sense to Zimmermann. «For me, it's clear that Credit Suisse Switzerland cannot simply be removed from the integration which would be like removing the second floor of a house,» he said. Furthermore, Swiss bank clients have always had a wide choice for their banking transactions.
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