Basler Kantonalbank's choice of CEO has a pleasant side effect for UBS: Switzerland's largest bank can poach a long-time banker who eschewed the top job, finews.com has learned.
Simone Westerfeld was considered a strong candidate to succeed Guy Lachappelle as CEO of Basler Kantonalbank as soon as his move to Raiffeisen was disclosed. Westerfeld, who successfully ran the cantonal bank in the five months after his departure, is now heading to UBS, according to a memo seen by finews.com.
Her move follows the news that Basler KB is naming former Notenstein Laroche finance chief Basil Heeb as its new CEO from April, after Westerfeld apparently took herself out of the race. From September, she will take over responsibility for multinationals and strategic transactions within UBS' corporate and institutional clients.
UBS Homecoming
Westerfeld will also deputize for Andy Kollegger, head of the UBS division's products and services. «She will conduct a regular strategic dialogue with business decision-makers in this role, and endure that the needs of our clients across the bank are covered», Kollegger and Swiss head Axel Lehmann wrote. A spokesman for UBS confirmed the contents of the memo.
The move is a homecoming for Westerfeld, who worked for UBS in credit and lending for six years until 2006. She also pursued an academic career, and is an adjunct professor at her alma mater, the prestigious University of St. Gallen.
Wide Remit
A dual Swiss and German citizen, Westerfeld spent several years with Deutsche Bank in Germany and in New York before studying banking and finance. Her new role at UBS means she will work closely with the investment bank, Swiss management, but also top management under CEO Sergio Ermotti.
Her remit includes relationship management, client coverage, and strategic transactions for UBS. Westerfeld's move is partly motivated by the fact that she didn't want to move to Basel, which is an unspoken rule for a top management role at a state-backed cantonal bank.
