UBS poaches ING's Ralph Hamers as new CEO

Ridhima Sharma
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UBS poaches ING's Ralph Hamers as new CEO

The Board of Directors of UBS Group AG has named Ralph Hamers as its new group chief executive officer and president of the Executive Board of UBS AG, effective 1 November 2020.

Hamers currently serves as CEO of ING Group. He succeeds group CEO Sergio P. Ermotti.

UBS Group AG board chairman Axel A. Weber said, "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, he has an impressive track record leading ING Group for more than six years. As the industry undergoes fundamental change, he 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."

The UBS Board of Directors thanks Ermotti for his outstanding contribution to the firm over the past nine years.

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. Under his leadership, ING Group has implemented a fundamental shift in its operating model and is now considered one of the best examples of digital innovation in the banking sector. Hamers is chairman of the European Banking Group, the leading European banking association.