A former top figure at Commerzbank is taking up a leadership role at Switzerland's largest bank.

UBS has brought in a former CEO of Germany’s Commerzbank, Martin Blessing, to take over from Lukas Gaehwiler as president of its personal and corporate banking division, and as president of UBS Switzerland, with the appointment taking effect at the start of September.

Blessing was a board member at Frankfurt-listed Commerzbank for 15 years, half of which he spent as chairman, UBS said in a statement today.

Prior to Commerzbank, Blessing worked at Dresdner Bank and consultancy McKinsey. He studied in St Gallen, Switzerland, and Frankfurt am Main, Germany. 

Also effective as of 1 September, Gaehwiler will take on a new strategic role as chairman, Switzerland at UBS, focusing on clients and other selected mandates. At the same time and at his own request, he will step down from his current operative roles. He has run the Swiss business for the past six years.