UBS has promoted its chief operating officer and European president into a senior role in its home market, replacing Axel P. Lehmann, who has held top roles at the Swiss bank for over a decade.

Sabine Keller-Busse will take the role of president of personal and corporate banking as well as president of Switzerland, elevating one of its most senior women who was considered an outside contender for chief executive earlier this year to replace Sergio Ermotti.