UBS AG (UBS) Monday named three financial experts to its board, making good on its promise to broaden the banking savvy of its top brass in a step that analysts said will help speed up the Swiss bank's restructuring process.

Nominated for UBS board were: Michel Demare, the current chief financial officer of Swiss engineering firm ABB Ltd. (ABB); Ann Godbehere, the former Swiss Reinsurance Co. (RUKN.VX) financial chief; and Axel P. Lehmann, the chief Risk officer of Swiss insurer Zurich Financial Services AG's (ZURN.VX).

At 1015 GMT, UBS shares were up CHF1.05, or 10%, at CHF1.54.

UBS, one of the hardest-hit banks in the global credit crisis, has struggled for months to find financial experts willing to join the bank. UBS has suffered more than $50 billion in asset write-downs, been forced to tap fresh capital three times and, many observers fear, will be hit by huge private-banking assets outflows in coming months as Switzerland has given in to international pressure to water down its banking secrecy laws. The bank is also involved in tax litigation in the U.S.

Shareholders will vote on the nominations April 15 at the annual general meeting. Investors are also likely to elect former Swiss Finance Minister Kaspar Villiger, who is set to replace Peter Kurer as the company's chairman.

"I am very excited that we can propose three exceptionally well-qualified candidates," Kurer said. "They each have specific banking, finance and risk experience, allowing them to contribute to the various committees it is planned they join."

The three new managers, who have all worked in the Swiss financial center Zurich during the past few years, will replace board members Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle.

Bertarelli, the former owner of Swiss biotech firm Serono SA, said he wanted make room for other members.

Kaufmann-Kohler, an arbitrator at Geneva-based law firm Levy Kaufmann-Kohler, said the bank's litigation in the U.S. risked hurting her activities as an international arbitrator.

Wolle, who heads privately held Swiss trading firm DKSH Holding Ltd., cited time constraints.

"The choice shows that more candidates with financial background are to join the UBS board of directors, which is highly positive," said Bank Vontobel analyst Teresa Nielsen, adding that the appointments are likely to speed up and stabilize the bank's restructuring.

Its long search to find fresh managers was partly due to the general dearth of new banking talent in Switzerland. But the company's troubles are also believed to have undermined its efforts to attract new board members and managers.

However, UBS' ability to tap former Credit Suisse Group (CS) CEO Oswald Gruebel to run the bank has changed the outlook, as many see the experienced manager as capable of turning UBS around, even though he recently warned that earnings will remain at risk in 2009.

Demare, a longtime financial chief, has worked at health-care group Baxter International (BAX) and Dow Chemical Co. (DOW) before joining ABB in 2005, where he recently also held the position of interim CEO. The 52-year-old Belgian is considered a calm, erudite and loyal manager.

Godbehere, 53, has also been called an apt addition to UBS' board. Observers say the British and Canadian citizen's management style is tough and exacting, traits some believe led her to leave Swiss Re in 2007 when the reinsurer embarked on a risky investment strategy that has led to billions in dollars in write-downs. Godbehere recently was CFO of U.K. bank Northern Rock during the initial phase of the bank's public ownership.

Lehmann's appointment was also hailed by investors, as the Swiss citizen, 49, is widely regarded as one of the country's most savvy investment and risk specialists, helping the insurer to avoid being hit by the U.S. subprime crisis. Lehmann is also seen as a possible heir to the CEO position at Swiss insurer Zurich Financial, which is currently led by James Schiro, who has indicated he will leave at the end of this year.

UBS didn't immediately make the nominees available for comment.

Company Web site: http://www.ubs.com

-By Goran Mijuk, Dow Jones Newswires; +41 043 443 80 46; goran.mijuk@dowjones.com