Swiss banking group UBS has hired ING chief Ralph Hamers to serve as its new group CEO, replacing Sergio Ermotti.

Ermotti has been heading UBS since 2011.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

UBS Group board chairman Axel Weber lauded Ermotti’s role at UBS, saying that the latter played an integral role in the bank’s overhaul during the financial meltdown.

“During Sergio’s tenure, UBS created substantial value for our shareholders, as tangible book value including dividend distribution has grown at 6% annually and shareholders have received over USD 15 billion dividends and USD 1.5 billion in share-buybacks,” said Weber.

Hamers will join UBS in September this year and assume the new responsibility in November.

A 29-year veteran at Dutch banking group ING, he has been at its helm since 2013. He is set to quit the bank on 30 June 2020.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this month, UBS’ rival Credit Suisse appointed Thomas Gottstein as its new CEO.

Gottstein will succeed Tidjane Thiam, whose tenure came to an end following a spying scandal at the bank.

Weber noted: “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.”