Baldinger was replaced by Christian Leitz, who adds the CSO title to his current role as head of corporate responsibility and corporate historian. UBS Group's sustainability strategy and impact is overseen by Beatriz Martin Jimenez, who also sits on the bank’s board which includes the bank's philanthropy work.

The Swiss lender follows in the footsteps of banking peers who have departed NZBA this year, but said its “commitment to sustainability remains unchanged.”

Swiss lender UBS will leave the Net-Zero Banking Alliance, following the departure of major British banks Barclays and HSBC, the bank said on Thursday.