Swiss banking giant UBS has appointed former Commerzbank CEO Martin Blessing as president of UBS Switzerland, replacing Lukas Gaehwiler.

Blessing’s remit includes all of UBS’s retail, private, and corporate banking in Switzerland.

Gaehwiler will take on a new strategic role as chairman of the Region Switzerland, focusing on clients and other selected mandates, effective 1 September 2016, the bank said in a statement.

Blessing was CEO of Commerzbank until the end of April 2016. During his 15 years on the Board of Managing Directors of Commerzbank, half of which as its chairman, Blessing shaped the firm. He managed the successful integration of Dresdner Bank and led the bank back to stability following the financial crisis.

Prior to Commerzbank, he was at Dresdner Bank and the consultancy McKinsey.

UBS group CEO Sergio Ermotti: "I thank Lukas Gaehwiler for his excellent work and am personally pleased that he will continue to remain close to UBS in his new role. With Martin Blessing we gain a professional with a proven track record and significant experience in all areas of the business for UBS. I am certain he will further advance our business in Switzerland and beyond."