UBS to name ING’s Ralph Hamers as next CEO
Exclusive: Replacement lined up for Sergio Ermotti at Switzerland’s largest bank
UBS is set to name ING boss Ralph Hamers its next chief executive, replacing Sergio Ermotti at Switzerland’s largest bank, according to people familiar with the decision.
Mr Hamers will take over from Mr Ermotti, who has spent more than eight years turning round the Swiss lender after it was bailed out during the financial crisis. The 59-year-old won plaudits for reviving earnings, cleaning up the balance sheet and growing UBS into the world’s largest wealth manager with $2.5tn in assets.
ING was forced to pull an additional tier 1 (AT1) bond deal on Wednesday, cryptically saying “information has come to the issuer, that needs to be studied”. The Dutch bank’s shares fell 4 per cent after the unexplained decision, which was made after Mr Hamers notified his board he was leaving the lender.
Mr Hamers, who joined ING more than 28 years ago, has been chief executive of the Dutch lender since 2013. He led the bank through the completion of its post-financial crisis restructuring, repaying the money it received from the Dutch government and returning to dividend payments, while investing heavily in digital services and slashing the size of its traditional branch network.
However, his tenure has more recently been marred by a series of major compliance failings. The bank received a record €775m penalty from Dutch prosecutors in 2018, and has been banned from taking on new customers in Italy for more than a year.
UBS chairman Axel Weber approached Mr Hamers months ago after it was decided Mr Ermotti’s tenure would not be extended, the people said. Following an internal and external search, Mr Weber offered him the job after concluding that he was the most capable and experienced candidate.
UBS and ING declined to comment.