In an effort of enhancing the Swiss-business, UBS AG has announced that Lukas Gaehwiler, a well known banker and earlier with the prominent competitor Credit Suisse Group AG for 20 long years, has been appointed Chief Executive Officer for Switzerland. The new CEO will take up the position on 1 April.

Gaehwiler prior to the appointment was Chief Credit Officer with Credit Suisse's bank. The information regarding the replacement of earlier CEO was revealed in an e-mail statement. It has also been disclosed that Gaehwiler will also be appointed as Joint CEO of UBS Wealth Management & Swiss Bank unit and also as a member of executive board of the Bank.

The UBS CEO Oswald Gruebel said that the residing market of Switzerland has always been and will remain the most important priority for the group. It was also informed that the contract of Credit Suisse and Gaehwiler was functional till February.

Praising Lukas Gaehwiler as a banker, CEO Oswald accepted that former is well aware of banking business including wealth management, retail banking, investment banking and corporate banking which he said makes him an "experienced leader".

This step comes amid UBS's struggle to regain to charm following considerable investments into risky U. S. assets which resulted in the write-downs for admitting to take Government support more than any European bank.