Dienstag, April 22, 2008

UBS chairman: Kurer replaces Ospel

Shareholders at Switzerland's biggest bank, UBS, will decide on Wednesday if its chief legal expert is a suitable replacement for Marcel Ospel as chairman of the troubled group.

Peter Kurer was nominated for the position vacated by Ospel after the bank suffered $37 billion (SFr37.6 billion) in subprime losses. But stinging opposition to Kurer has been highly publicised.

The next UBS chairman would be expected to steer the bank's turnaround following a disastrous 12 months. The nomination of Kurer surprised many observers because, as general counsel at UBS, he is not only an insider but has limited banking experience.


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