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UBS Group names CEO for German unit

Switzerland's UBS Group AG appointed Christine Novakovic CEO of German unit UBS Europe SE, effective Sept. 1.

Novakovic succeeds Thomas Rodermann, whose contract was not renewed after a "friendly, mutual agreement." She will also take over Rodermann's responsibilities as the country head for Germany and Austria, in addition to her current role as the group's head of wealth management for Europe, the Middle East and Africa.

The move is part of the bank's efforts to streamline its management and lower the amount of required internal coordination, the company said.