UBS to be steered by ex-minister

Agence France-Presse

The 68-year-old former finance minister is no stranger to defending Swiss secrecy laws amid intense international pressure. Even as he stepped into the finance minister position in 1995, Villiger faced a storm over Switzerland's role in World War II and Jewish groups' claims against Swiss banks for assets that were withheld from Holocaust victims and their families.

Villiger resisted pressure to lift banking secrecy then but made an apology for Switzerland's earlier policies towards refugees, which was hailed as a courageous move. In the later part of his term as finance minister, Swiss banking secrecy came under scrutiny again over terrorism financing.

Villiger held firm to banking secrecy but pushed through tough legislation against money laundering. He also put in place a supervisory body to monitor the financial markets.

In addition, he sealed an accord with the European Union on taxes levied on interest arising from savings.

Villiger's experience is expected to come in handy at the helm of UBS, which is under intense pressure over tax fraud allegations in the U.S. Before taking on the post as finance chief, Villiger was defense minister between 1989 and 1995. He was also Swiss president in 1995 and 2002.