UBS Group AG has picked Credit Suisse Group AG’s India head for the last 17 years to helm the combined businesses of the Swiss lenders in the country as their merger formally closed.
(Bloomberg) — UBS Group AG has picked Credit Suisse Group AG’s India head for the last 17 years to helm the combined businesses of the Swiss lenders in the country as their merger formally closed.
Mihir Doshi, managing director and country chief executive of Credit Suisse since 2006, will take over as the head of the combined business from July 1, a spokesperson for the lender said on Monday.
Doshi’s appointment would signal continuity and assuage concerns among Credit Suisse employees in the country regarding changes that are likely to be made post-takeover, including redundancies.
The biggest merger in banking since the 2008 financial crisis, which created a global wealth-management titan, was concluded on Monday, almost three months after the Swiss government brokered the deal.
READ: UBS Completes Credit Suisse Takeover to Create Bank Titan
Matthais Schacke, the UBS country head and chief digital & information officer, will lead the group operations and technology office of the combined entity in India, the spokesperson said.
UBS will retain Credit Suisse’s global banking and markets businesses in the country, according to a person, who declined to be identified. All Credit Suisse executives in India have been retained in the new structure, the person said.
The UBS spokesperson declined to comment on business plans and redundancies.
–With assistance from Saikat Das.
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