The German central bank has cleared its former chief Axel Weber's plan to join UBS, which tapped him as its next chairman earlier in July, according to Associated Press.

Weber stepped down as Bundesbank chief at the end of April, but the bank rules require that he receive clearance for the new job at the Zurich-listed bank and wealth management firm, the report said.

The Bundesbank said it was satisfied Weber's new job wouldn't harm confidence in the central bank or constitute a conflict of interest. Weber plans to join the UBS board of directors next May and become chairman in 2013.

Weber has clashed with European colleagues by his concerns about the European Central Bank’s bond buying programme to help embattled euro-zone countries such as Greece or Portugal.

The appointment of Weber, as previously reported, comes as Kaspar Villiger steps down as chairman in 2013.

Weber was president of the Deutsche Bundesbank from 30 April 2004 to 30 April 2011. Before that, he was a professor of economic theory and international economics, teaching at various universities in Germany. In addition, he was the director of the Centre for Financial Studies in Frankfurt.

As reported elsewhere by WealthBriefing today, UBS has been named as one of the "most preferred" financial institutions in Europe by Morgan Stanley, arguing that the firm had taken significant steps to improve the fortunes of its wealth and investment banking businesses after a difficult period.