UBS exec Branson joins Swiss bank watchdog FINMA

Senior UBS AG executive Mark Branson will head Swiss regulator FINMA's banking unit, the Swiss watchdog said on Tuesday, in a move likely to reignite debate over close ties between regulators and large banks.

The 40-year old Briton took over the role of chief financial officer at the troubled Swiss bank's wealth management unit in February 2008 and FINMA said he would start in his new position and join its executive board on Jan. 1, 2010. He will not take decisions affecting UBS for a year, during which time decisions on his former employer will be taken by FINMA Chief Executive Patrick Raaflaub.