(Updates with UBS comment in last paragraph.)
Oct. 26 (Bloomberg) -- Germany’s Bundesbank gave approval for former President Axel Weber to become an adviser to UBS AG from February next year, three months before he is up for election to the board of the biggest Swiss bank.
Weber, 54, will be able to consult UBS on decisions related to management changes, the Frankfurt-based central bank said in an e-mailed statement today. The “mandatory” approval was possible because of the “limited extent” of his advisory role at UBS and the time that has passed since Weber’s resignation from the Bundesbank, it said.
Weber, who left Germany’s central bank in February, is nominated for election to UBS’s board of directors at the annual shareholders meeting on May 3, 2012. UBS then plans to appoint him chairman in 2013. The bank started a search for a new chief executive officer after Oswald Gruebel quit last month following the discovery of a $2.3 billion loss from unauthorized trading.
UBS interim CEO Sergio Ermotti said on a conference call yesterday that Weber is already advising the Zurich-based bank on an “informal basis” and “without going into any conflicts.”
Weber and UBS will decide on the details of his advisory mandate by February, the bank said today.
--Editors: Dylan Griffiths, Stephen Taylor.
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