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The Associated Press July 12, 2011, 7:56AM ET

German central bank blesses ex-chief's move to UBS

Germany's central bank says it has cleared former chief Axel Weber's plan to join Swiss bank UBS AG, which has tapped him as its next chairman.

Weber stepped down as Bundesbank chief at the end of April, but the bank rules require that he receive clearance for the new job.

The Bundesbank said Tuesday it was satisfied Weber's new job wouldn't harm confidence in the central bank or constitute a conflict of interest.

Weber plans to join the UBS board of directors next May and become chairman in 2013.

Weber was widely viewed as a favorite to lead the European Central Bank until he abruptly quit the Bundesbank.

He put himself at odds with European colleagues by voicing unease over the ECB's program to buy bonds of troubled eurozone countries.

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