UBS names ING boss Ralph Hamers as its new CEO
(Reuters) - UBS Group tapped ING Groep's Ralph Hamers to lead the bank, making it the second major Swiss lender to replace its chief executive officer this month. Hamers, whose appointment is effective Nov.
(Reuters) - UBS Group
Hamers, whose appointment is effective Nov. 1, succeeds Sergio Ermotti who has been with the company for close to a decade, UBS said on Wednesday.
Separately, ING said Hamers, a 30-year company veteran who took over the top job in 2013, will leave the Dutch bank on June 30.
ING did not immediately disclose its plans on naming a new chief but said the succession process will be made "if and when appropriate".
The Financial Times was the first to report the news on Hamers' appointment.
According to the FT report, UBS Chairman Axel Weber approached Hamers months ago after it was decided that Ermotti's tenure as the CEO would not be extended.
"Ralph (Hamers) is the right CEO to lead our business into its next chapter. A seasoned and well-respected banker with proven expertise in digital transformation, Ralph has an impressive track record leading ING Group for more than six years," Weber said in a statement.
During his stint as ING CEO, Hamers steered the lender to profitability, while repaying the Dutch government money it received during the financial crisis.
Under his watch, the bank has also invested heavily in its digital transformation, relying far more on its online offering and less on branch network than most of its rivals that has led to ING having one of the lowest cost-revenue ratios in Europe.
Ermotti, who was named UBS CEO in 2011, has earned plaudits for helping rebuild the bank after the financial crisis, with a focus on wealth management.
However, the Swiss bank missed its profit and cost targets for 2019 amid ultra-low interest rates in Europe and increased competition from U.S. rivals, forcing Ermotti to dial back some of the bank's financial goals.
UBS shares have fallen over the past year, hit by a 4.5 billion euro (3.8 billion pounds) fine in a French tax fraud case.
Earlier this month, Credit Suisse Group AG
($1 = 0.9252 euros)
(Reporting by Shubham Kalia in Bengaluru and Rachel Armstrong; Editing by Krishna Chandra Eluri)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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