Ex-SNB boss Philipp Hildebrand (58) is supposed to be UBS president

Ex-SNB boss Philipp Hildebrand (58) is supposed to be UBS president
Ex-SNB boss Philipp Hildebrand (58) is supposed to be UBS president
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    Ex-SNB boss Philipp Hildebrand (58) is traded as a crown favorite for the UBS executive committee.

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    The current President Axel Weber (64, left) has announced his resignation in spring 2022.

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    His wife at the time, Kashya Hildebrand, had bought US dollars on a large scale shortly before the introduction of the minimum euro-franc exchange rate.

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    The manager Christoph Franz (61), who is also a favorite and president of the pharmaceutical giant Roche, has taken himself out of the running.

UBS needs a new boss. Axel Weber (64) is stepping down at the general assembly next spring after ten years at the helm of the major Swiss bank. Now there are increasing signs that Weber will be followed by a big name from the Swiss financial scene: the former President of the Swiss National Bank (SNB) Philipp Hildebrand (58).

He recently met with still boss Axel Weber, reports the online portal “finews.ch”. Accordingly, Jeremy Anderson (63) was also there at the meeting. He has been entrusted with the search for a successor within the UBS Board of Directors.

Currently number 2 at Black Rock

Hildebrand was a member of the SNB Governing Board from 2003 to 2012. He presided over it from 2010 to 2012. His departure from the SNB was anything but smooth. Hildebrand had to deal with allegations of insider trading. Shortly before the introduction of the euro-franc minimum exchange rate, his wife at the time had bought US dollars on a large scale. Philipp Hildebrand was later exonerated both internally and legally. The so-called “Hildebrand Affair” sticks to him to this day.

Last year, another Tolggen was added to Hildebrand’s booklet: He ran for chairmanship of the Organization for Economic Cooperation and Development (OECD) – and failed. Hildebrand was also considered a candidate when the Credit Suisse presidium was reassigned this spring. Ultimately, however, the Portuguese António Horta Osório (57) came to the train.

So now he could finally get a prestigious position at UBS in Switzerland. Since leaving the SNB, Hildebrand has been number two as Vice Chairman at Black Rock, the world’s largest asset manager.

Thin field of candidates

Rumor has it that there are only a few other candidates for the UBS Presidium in addition to Hildebrand. The Roche President and former Swiss CEO Christoph Franz (61) was long considered a crown favorite, but withdrew from the race months ago.

Jens Weidmann (53), head of the German central bank, is also out of the question, contrary to initial speculations. He recently announced that he would be stepping down from his post as central banker at the end of the year. However, he must observe a waiting period of two years and must not overflow to UBS.

At most, the German banker Theodor Weimer (61) comes into question. Hildebrand’s big advantage over Weimer: He’s Swiss. And because a foreigner is already sitting in the CEO chair at UBS, the Dutchman Ralph Hamers (55), the big bank is likely to have an interest in filling the presidential post with a Swiss citizen.

Hildebrand orchestrated the UBS rescue in 2008

Ironic about Hildebrand’s role as a favorite: At the SNB, he experienced the decline of UBS during the financial crisis in 2008. As the conductor of the state rescue service, Hildebrand decided the fate of UBS. Hildebrand could now lead the bank’s fortunes a second time.

UBS does not want to comment on the speculation, as Blick asked for it. The general assembly for the election of Weber’s successor will take place in April 2022. According to reports, the bank intends to present its candidates this year.

Source

ExSNB boss Philipp Hildebrand supposed UBS president

 
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