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00:00First of all, let me say that I feel very honored to be asked to manage this transition and at a point in time that is so important for all our stakeholders and the financial centers and in general and also for the business community in Switzerland. I have to thank a column and the board of directors for putting their trust to me and to master this challenging and urgent task. I have to say that I want to echo both a call, but also, Ralph, that we are in a position to do this integration only because of the work that Robert has been doing in the last few years in strengthening further the bank and allowing us to be part of the solution rather than a problem. So I was very pleased to see that UBS could play that role during the weekend. And so thank you. I called for that. I'm fully aware that the responsibilities that are coming with this important task and the expectations. And I'm fully aware that we need to work very hard here to avoid any consequences for the taxpayers in Switzerland. So I think you have my word and commitment that I together with my team, we will work and do everything they can to make this transaction successful and to make and to write an order very important and successful out of UBS history. I'm convinced that together with my colleagues, by focusing very hard on the needs of our brains, digging consideration, also the needs of all the employees that I'm sure they are right now, some are concerned about their future and also the interests of our shareholders by balancing best and those three stakeholders. We will be able to hold all the rest of society and the rest of the stakeholders in Switzerland, at least with what we do. So I'm looking forward to work with Ralph on this transition.

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Ermotti: Looking Forward to Working With Hamers at UBS

Incoming UBS Chief Executive Officer Sergio Ermotti says he's looking forward to working with outgoing CEO Ralph Hamers on the complicated acquisition of Credit Suisse. Ermotti speaks at a news conference in Zurich and will take the helm after the annual general meeting next week. (Source: Bloomberg)