UBS has decided to bring back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with the take-over of Credit Suisse.

Ermotti was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis.

He will take over next Wednesday from CEO Ralph Hamers.

Hamers took up the job in November 2020 and will remain at UBS during the transition period.

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Ermotti is now chairman of insurer Swiss Re.

UBS pointed to Ermotti's experience in bringing big financial institutions together.

The $3.25 billion deal for Credit Suisse was quickly out together as two U.S. banks collapsed and jitters about long-running troubles at Credit Suisse led shares of the bank to tank and customers to pull out their money.

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Swiss authorities urged UBS to take over its smaller rival after the central bank’s plan to let Credit Suisse borrow $54 billion dollars did not reasuure investors and customers.

UBS Chairman Colm Kelleher said Wednesday that he called Ermotti shortly after the emergency deal was arranged on March 19.

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"This is the biggest single financial transaction since 2008. That brings significant execution risk," Kelleher said on a conference call.

The Associated Press contributed to this report.