ZURICH (Dow Jones)--The Swiss Banking Commission said Tuesday it welcomes the news that Marcel Ospel is stepping down as chairman from the board of UBS AG (UBS), and that this step was expected by the regulator.
The change at the top will help rebuild trust in Switzerland's biggest bank. The regulator is confident the appointment of Peter Kurer as new chairman will help the bank stabilize, the regulator's officials said at a media conference in Bern.
Kurer is currently a member of UBS's executive board, and the bank's legal counsel.
-By Anita Greil, Dow Jones Newswires; +41 43 443 8044 ; anita.greil@dowjones.com
(END) Dow Jones Newswires
April 01, 2008 05:14 ET (09:14 GMT) | 
