Deutsche Boerse head nominated to UBS board

Swiss banking giant UBS said Tuesday it would nominate German stock market chief Reto Francioni to its board after the former head of Lufthansa, Wolfgang Mayrhuber, had opted not to stand for reelection.

"I am very pleased to announce the nomination of Reto Francioni for election to the board," UBS chairman Axel Weber said in a statement.

The nomination of the Deutsche Boerse head -- a 57-year-old Swiss citizen who previously lead the Swiss stock exchange -- will take place at the next UBS general meeting of shareholders on May 2.