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UBS names former Commerzbank CEO Blessing to head Swiss biz

UBS GroupAG named Martin Blessing president of personal and corporatebanking and president of UBS Switzerland, effective Sept. 1.

Blessing stepped down as CEO of Commerzbank AG at the end of April, having served in thepost since 2008 and on the German lender's board of managing directors for 15years. He will become a member of UBS' group executive board.

He will succeed Lukas Gaehwiler, who will become chairman ofthe Switzerland region, focusing on clients and other selected mandates, alsoeffective Sept. 1. He has headed UBS' Swiss operations for morethan six years.