UBS Group Names Ralph Hamers CEO

(RTTNews) - Swiss banking giant UBS Group AG (UBS) Chief Executive Sergio Ermotti to step down and will be succeeded by current ING Groep NV CEO Ralph Hamers.

UBS Group AG Board Chairman Axel Weber said, "Ralph 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. As the industry undergoes fundamental change, Ralph is the person to lead UBS's continued transformation and build upon its successful strategy as the world's largest and only truly global wealth manager and the leading universal bank in Switzerland, enhanced by its investment bank and asset management."

Hamers joined ING Group in 1991. During his successful career, he progressed through a series of roles across business segments and geographies before becoming CEO in 2013.

Hamers said, "I'm honored by the opportunity to lead this great institution. I have long admired the firm's transformation under the leadership of Axel and Sergio. The firm has an outstanding global client franchise across its business divisions, all of which are underpinned by the incredibly strong UBS brand. I'm looking forward to working with the senior management team, the Board of Directors and all of UBS's employees to further strengthen the franchise and serve UBS's clients to achieve their goals."