• Published on 5 January 2017
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UBS appoints Michael Bonacker as its new strategy chief

UBS has appointed former Commerzbank executive Michael Bonacker as its new head of group strategy, confirming an earlier report in German business magazine Manager.

Bonacker joins Switzerland's biggest lender from German private bank BHF-Bank, where he was head of asset management and corporate banking.

Before that he was head of group development and strategy at Commerzbank, Germany's second largest bank, where he was involved in shaping its direction following the financial crisis.

At UBS Bonacker will take charge of Group Corporate Development & Performance, succeeding Dierk von Schuckmann who will become Chief Financial Officer at Asset Management.

"Michael will join the Finance Executive Committee and will be based in Zurich," an internal memo seen by Reuters said.

A UBS spokeswoman confirmed the memo to Reuters.

Bonacker follows Martin Blessing, who has taken over the leadership of UBS's Swiss business, as another prominent Commerzbank executive to join UBS.

Re-disseminated by The Asian Banker