Swiss banking giant UBS said on Friday it intends to appoint former German central bank chief Axel Weber as its next chairman, saying that he will be nominated to the board in 2012 and take the post in 2013.

"/> Swiss banking giant UBS said on Friday it intends to appoint former German central bank chief Axel Weber as its next chairman, saying that he will be nominated to the board in 2012 and take the post in 2013.

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UBS expects ex-Bundesbank chief Weber to be next chairman

Swiss banking giant UBS said on Friday it intends to appoint former German central bank chief Axel Weber as its next chairman, saying that he will be nominated to the board in 2012 and take the post in 2013.

Published: 1 July 2011 11:13 CEST

UBS expects ex-Bundesbank chief Weber to be next chairman

Swiss banking giant UBS said on Friday it intends to appoint former German central bank chief Axel Weber as its next chairman, saying that he will be nominated to the board in 2012 and take the post in 2013.

“The board of directors of UBS AG will nominate Axel Weber for election to the board at the annual general meeting on 3 May 2012,” said the Swiss bank. “If elected, the board plans to appoint him as non-independent vice-chairman,” said the bank.

“After his first year in office, he is expected to succeed Kaspar Villiger as chairman of the board in 2013,” it added.

Weber was the president of the Bundesbank and widely touted as a strong candidate to take over as chief of the European Central Bank. But he announced his surprise resignation in February for personal reasons.

Current UBS chairman Villiger said Weber’s appointment would “guarantee a smooth leadership transition and stability”.

Weber also said that “stability and a long-term strategic outlook are key” going forward.

“Being able to help shape the bank’s future is an attractive prospect, and I look forward to working together with the board, the management team and CEO Oswald Gruebel,” said Weber, 54, in the statement.

When he takes over as chairman, the former central banker is expected to receive an annual base salary of SFr2.0 million (€1.6 million, $2.3 million) as well as 200,000 shares which would be frozen for four years. At current share prices, these shares are worth about SFr3.1 million.

Bank Wegelin analysts said the appointment was positive, saying that Weber is “a renown specialist who benefits from a strong reputation and who has proven his competence.”

The analysts also noted that the news would spark speculation about further management changes, including potential successors for chief executive Gruebel.

Gruebel and Villiger took over the helm of UBS at the height of the financial crisis, when the bank was struggling to recover after losing billions of francs.

Twint app can be installed on a mobile phone.

“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future.

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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