UBS Group AG has appointed the India head of Credit Suisse Group AG, who has served in that capacity for the past 17 years, to lead the merged businesses of the two Swiss lenders in India after the formal closing of their merger.
A spokeswoman for the lending company said on Monday that Mihir Doshi, who has worked with Credit Suisse since 2006 and has held the roles of managing director and country chief executive, will take over leadership of the merged organization on July 1.
Credit Suisse managing director and country chief executive Mihir Doshi will lead the merged firm.
Doshi’s nomination would symbolize continuity and allay fears among Credit Suisse employees in the country over changes that are anticipated to be implemented after the takeover, including redundancies. Specifically, this refers to the likelihood of the company being acquired by another company.
On Monday, the largest merger in banking since the global financial crisis of 2008 was finally completed, resulting in the creation of a worldwide wealth-management colossus. The Swiss government was the broker of the deal almost three months earlier.
According to the spokesman for the merged business, Matthais Schacke, who now serves as the head of national operations for UBS as well as the chief digital and information officer, will take the helm of the group operations and technology office in India.
According to a person who did not wish to be identified, UBS would keep Credit Suisse’s global banking and markets operations in the nation after the company’s acquisition of Credit Suisse. According to the individual, the new structure has resulted in the retention of all executives working for Credit Suisse in India. The representative from UBS who was asked to comment on business strategies and layoffs declined.