- UBS chief executive officer Sergio Ermotti has reportedly donated 1 million Swiss francs (about $1.05 million) for combating coronavirus
UBS chief executive officer Sergio Ermotti has reportedly donated 1 million Swiss francs (about $1.05 million) for combating coronavirus, according to Blick. Ermotti is in the process of stepping down as the CEO of UBS. And his last day is on November 1.
His donation is going to be distributed a family foundation to non-profit organizations. And it will go towards people in need of emergency funds in the Canton of Ticino, which is the worst affected by the crisis in Switzerland.
Separately, UBS donated 30 million Swiss francs to families suffering from the COVID-19 pandemic.
“We are, and want to continue to be, part of the solution. UBS does not want to earn anything from this initiative — all profits will be contributed to an aid fund for various projects in Switzerland. In addition to the many other social engagements worldwide, we will provide an additional $30 million for Swiss and global Covid aid projects,” said Ermotti in a statement several days ago.
Ermotti will be succeeded by ING Group head Ralph Hamers in November. And Ermotti will become chair of Swiss Re upon stepping down. Swiss Re is one of the largest insurers in the world.
