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UBS to name ING's Ralph Hamers as CEO: FT

Stock Markets Feb 19, 2020 05:34PM ET
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© Reuters. FILE PHOTO: Logo of Swiss bank UBS is seen at a branch office in Zurich

(Reuters) - Swiss bank UBS Group (S:UBSG) is set to name ING Groep (AS:INGA) Chief Executive Officer Ralph Hamers as its new head, the Financial Times reported on Wednesday, citing people familiar with the decision.

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

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

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

An ING spokesman did not comment on the FT report. A spokeswoman for UBS declined to comment.

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 ($4.86 billion) fine in a French tax fraud case.

UBS to name ING's Ralph Hamers as CEO: FT
 

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