GIC was confident in UBS CEO, says bank chairman

But it wasn’t enough for Oswald Gruebel to stay, who resigned while UBS’ board of directors met in Singapore.

A Bloomberg report said, “The Government of Singapore Investment Corp., UBS AG’s biggest shareholder, repeatedly expressed confidence in Oswald Gruebel, NZZ am Sonntag reported, citing an interview with UBS Chairman Kaspar Villiger.”

The report added that the board of UBS “begged” Gruebel to stay on as CEO to help with crisis management following the $2.3 billion loss from unauthorized trading.

Meanwhile UBS named an interim chief executive officer after Gruebel’s resignation.

A UBS statement said Gruebel, who held the top job since February 2009, will be replaced on an interim basis by Sergio P. Ermotti, the bank’s CEO for Europe, the Middle East and Africa.