UBS Chairman Colm Kelleher (pictured) said at the lender's annual general meeting on Wednesday that its takeover of Credit Suisse is "not an easy deal to do" as it brings "significant execution risk" and added he expects it to take three to four years to integrate Credit Suisse.
However, he remained confident the integration will be successful. Kelleher also noted that UBS decided to suspend its share repurchase program amid the acquisition, but vowed to resume it as soon as possible.
The UBS chair confirmed that Sergio Ermotti will officially take over as the bank's CEO from today and added the lender intends to focus on growing its private and wealth management, while deciding to significantly reduce the amount of capital allocated to investment banking
