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Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules Credit Suisse AG to operate alongside UBS AG and its business divisions, functions and regions under UBS
(Bloomberg) UBS Group AG appointed Ulrich Koerner to its top management body, giving the chief executive officer of Credit Suisse Group AG a key role in overseeing the complex combination of the two firms. Koerner, a veteran of both lenders who unsuccessfully tried to stabilize Credit Suisse over the past nine months, will oversee the latter’s operating businesses as UBS plans to integrate them over time, according to a statement on Tuesday. The announcement was part of a broader management reshuffle that also saw Todd Tuckner, a long-time UBS banker, take over as chief financial officer from Sarah Youngwood, who only joined the bank last year. The appointments are part of a push by Sergio Ermotti, who was brought back as UBS CEO to oversee the government-brokered rescue of the smaller rival, to install allies with deep knowledge of the firms. Urgency to complete the historic task of integrating the giant businesses has been heightened by Credit Suisse’s warning that the current