The head of personal and corporate banking for UBS is to step down next year, to be replaced by its group COO. As part of the changes, Iqbal Khan, co-president of global wealth management, will become president for EMEA. He keeps his existing role.

The president of personal and corporate banking at UBS, Axel Lehmann, is stepping down from the role at the end of January 2021; he will also leave his post as president for UBS Switzerland, the banking group announced today. Sabine Keller-Busse, group chief operating officer and president for the EMEA region, will replace him. 

Lehmann, who was group COO and a member of the board of directors from 2009 to 2015, will leave the Zurich-listed bank after a transition period ending on 31 July, it said in a statement.

Keller-Busse, who was named group COO in January 2018, joined the banking group in 2010, first as COO for UBS Switzerland then as group head of human resources. Prior to UBS, she led Credit Suisse’s private clients business for the Zurich region and advised financial services firms across Europe as a partner at McKinsey & Company. 

The succession for the Group COO role will be announced at a later date, the bank said. 

As part of the changes, Iqbal Khan, co-president of Global Wealth Management, will succeed Keller-Busse as president for EMEA, in addition to his current responsibilities.  

"I want to thank Axel Lehmann for his outstanding contribution over many years, first as a member of the board of directors and then as a member of the group executive board. He has provided invaluable expertise in both roles. I wish Axel all the best for the future,” Chairman Axel A Weber said. 

Group CEO Ralph Hamers, who has recently taken up the post after the departure of Sergio Ermotti following a decade-long stint, said: "With her strong track record in managing and transforming Group Functions as well as in facilitating business growth as president EMEA and former COO of UBS Switzerland, Sabine Keller-Busse is ideally positioned to move UBS Switzerland forward to continued success. The Swiss home market remains a key pillar of UBS's strategy, and I look forward to working with Sabine in her new role.”

All changes take effect on 1 February 2021.