Senior UBS executive Mark Branson will head Swiss regulator FINMA's banking unit, the Swiss watchdog said on Tuesday, in a move likely to reignite debate over close ties between regulators and large banks.
“Mark Branson is an outstanding manager with many years of international experience in finance and risk. He will considerably strengthen the supervisory activities and executive board of FINMA,” the regulator said in a statement.
Mr Branson takes up his post in January next year.
He took over the role of chief financial officer at UBS's wealth management unit in February last year. Mr Branson joined UBS in 1997, going on to hold various positions with the bank, including that of chief executive of UBS Securities Japan and chief communications officer as a member of the group managing board.
He will not take decisions affecting UBS for a year, during which time decisions on his former employer will be taken by FINMA CEO Patrick Raaflaub, media reports said.
Mr Branson moved into the spotlight earlier this year when he testified and apologised for the bank's breaches of US law in a Senate hearing during a clash between Switzerland and the US over tax and banking secrecy.