Marcel Ospel, the former UBS chairman, was forced to step down by the Eidgenössische Bankenkommission (EBK), the Swiss banking regulator, an official Swiss report reveals.

In a 71-page report published by FINMA, the Swiss financial services regulator, it says that, after it had been agreed that UBS was to receive a SFr16 billion ($15 billion) capital increase at the beginning of Aril 2008, the EBK forced Mr Ospel to step down.

The EBK informed Mr Ospel on 20 March 2008 that he had to leave the firm as chairman after the general meeting of 23 April, the report, entitled “Financial market crisis and financial market supervision”, said.

Mr Ospel was replaced by Peter Kurer, who has by now been replaced by Kaspar Villiger.