UBS chairman steps down after one-year term

UBS chairman Peter Kurer will not stand for re-election at the bank's next annual general meeting on April 15.

The UBS board of directors has proposed Kaspar Villiger as a candidate for its next chairman. He is a former finance minister for the Swiss government and currently sits on the boards of three Swiss firms: reinsurer Swiss Re, food maker Nestle and newspaper Neue Zurcher Zeitung.

Villiger said: "I believe these to be exceptional times for UBS and Switzerland, and I recognise the

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