UBS names ING's Ralph Hamers as CEO

(Reuters) - UBS Group on Wednesday named ING Groep Chief Executive Officer Ralph Hamers as its new head, the Swiss bank said in a statement. Hamers will succeed Sergio Ermotti, who has been with the company for close to a decade, UBS said. The Financial Times earlier reported the news on Hamers’ appointment

Reuters February 20, 2020 05:06:41 IST
UBS names ING's Ralph Hamers as CEO

UBS names INGs Ralph Hamers as CEO

(Reuters) - UBS Group on Wednesday named ING Groep Chief Executive Officer Ralph Hamers as its new head, the Swiss bank said in a statement.

Hamers will succeed Sergio Ermotti, who has been with the company for close to a decade, UBS said.

The Financial Times earlier reported the news on Hamers’ appointment.

UBS Chairman Axel Weber offered the job to Hamers after concluding he was the most capable and experienced candidate, according to the Financial Times.

Weber had approached Hamers months ago after it was decided that Ermotti's tenure as the CEO would not be extended, the newspaper reported.

Earlier on Wednesday, ING abruptly pulled a planned bond issue, saying new information has come to light that meant it needed to delay it.

A 30-year ING veteran, Hamers was named to the top job at the Dutch bank in 2013. Under his watch, the lender returned to profitability, while repaying the Dutch government money it received during the financial crisis.

Investing heavily in digital, ING now has one of the lowest cost-revenue ratios in Europe, relying far more on its online offering and less on branch network than most of its rivals.

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 share price has fallen over the past year, hit by a 4.5 billion euro (3.8 billion pounds) fine in a French tax fraud case.

(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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