UBS announced on Tuesday the appointment of Christine Novakovic as the new chief executive officer (CEO) of the bank's operations in Europe.
The move follows the upcoming departure of her predecessor Thomas Rodermann, who is set to leave his role later this year in November.
Sources close to the matter said Rodermann's exit had been agreed by himself and the company in what has been described as a "friendly, mutual agreement."
Novakovic is currently responsible for overseeing wealth management across Europe, the Middle East and Africa at UBS, a responsibility she will continue holding in her position as CEO of UBS Europe.
Officially taking her position on the 1st of September and to be based in Frankfurt, Novakovic will also be taking on the position of Austria and Germany country head. Rodermann, to whom she will be succeeding, was also in charge of that position.