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UBS names ING boss Ralph Hamer as new CEO

Thu 20 February 2020 08:24 | A A A

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(Sharecast News) - UBS has named ING boss Ralph Hamers as the new CEO of the Swiss bank replacing Sergio Ermotti, the bank announced on Wednesday.

Ermotti, who has been with the bank for near a decade will remain boss until November when Hamers takes over.

He was appointed as chief executive officer of UBS in 2011, earning plaudits for helping to rebuild the lender after the financial crisis, with a focus on wealth management.

The 59-year-old was credited for reviving earnings, cleaning up the balance sheet and turning UBS into the world's largest wealth manager with $2.6tn in assets.

ING said Hamers will leave the Dutch bank on 30 June after being with the bank since 2013. ING said that the succession process to find a new boss will be made "if and when appropriate", CNBC reported.

According to the Financial Times, 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.

Shares in UBS rose 1.4% on Thursday morning, while ING shares gained 2.8%.

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