Marcel Ospel is to tighten his grip on the reins of UBS AG by becoming chairman of Switzerland's largest bank.

Ospel, the former head of Swiss Bank Corp who outmanoeuvred his UBS counterpart Mathis Cabiallavetta into the chief executive's spot during the two banks' merger in 1998, will assume the chairman's role on the retirement next year of Alex Krauer.

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Marcel Ospel takes over as UBS chairman

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