The Swiss banking giant has created a tailor-made position for the former chairman of the London Stock Exchange. UBS has evidently made the appointment with a specific purpose in mind.
Chris Gibson-Smith is back. As reported by the «Financial Times», UBS will announce the appointment of the financial industry heavyweight as vice president of its corporate client solutions (CCS) division in Europe. This is essentially a part-time advisory role, specifically created by the Swiss bank for the 70-year-old doyen of the City.
Gibson-Smith made a name for himself in Europe’s largest financial centre above all as a tough defender of the independence of the London Stock Exchange (LSE). As chairman he repelled attempts by Nasdaq, Euronext and Deutsche Boerse to forge closer connections. Significantly, the LSE gave in to the consolidation pressure after his departure in July 2015 – and announced a merger with the German stock exchange last March.
Another Battle
Gibson-Smith therefore lost the war. However, the UBS now has a use for the warrior who brings 40 years of experience in the financial world and has been a board member of numerous British blue chip companies.
According to the report, the City veteran will be used directly to advise UBS business clients in London. That is what William Vereker, head of CSS business in Europe, expects from Gibson-Smith.
Boosted by Brexit
The Financial Times quotes Vereker optimistic about business in London post-Brexit. Vereker said the pound's weakness following the vote is “arguably a tremendous opportunity for capital to come into the UK.»
And that will mean huge opportunities for the investment banks, should the carousel of company takeovers begin turning in the UK. With the appointment of Severin Brizay last May, the UBS strengthened its aspiration to climb to number one in this business in Europe.
Gibson-Smith will at any rate be standing by to receive the foreign capital.
