In May 2012 the UBS board will appoint Axel Weber as non-independent vice-chairman. After his first year in office, he is expected to succeed Kaspar Villiger 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.

"I look forward to working together with the board, the management team and chief executive Oswald Grübel. Going forward, stability and a long-term strategic outlook are key," Weber said in a statement.