Swiss Bank UBS said on Friday it has nominated the former president of Deutsche Bundesbank, Axel Weber, for election to join its board in 2012 and to chair the board from 2013 onwards.

Weber's nomination to the board of directors will take place during its May 3 shareholders meeting according to the bank. Weber is the first non Swiss to be elected to the post and succeeds former Swiss finance minister Kaspar Villiger, who has been credited with guiding the bank out of its worst crisis in the past.

“With Axel Weber's nomination, I am pleased that I can present a board member and future chairman who is an internationally renowned personality with an outstanding reputation. He has broad expertise in international finance and banking as well as strong leadership experience. His appointment will guarantee a smooth leadership transition and stability. I am convinced that his background and skills will be invaluable to UBS,” chairman of the board of directors, Kaspar Villiger, noted.

Following his nomination, Weber said: “UBS is a dynamic global financial services provider with traditional European roots. Going forward, stability and a long-term strategic outlook are key. The successful path that has already been forged, the strong global client base and the balanced business model provide a good basis.”