UBS Group tapped ING Groep's Ralph Hamers to lead the bank, making it the s...
) Ralph Hamers to lead the bank, making it the second major Swiss lender to replace its chief executive officer this month.
Separately, ING said Hamers, a 30-year company veteran who took over the top job in 2013, will leave the Dutch bank on June 30. “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,” Weber said in a statement.
During his stint as ING CEO, Hamers steered the lender to profitability, while repaying the Dutch government money it received during the financial crisis. However, the Swiss bank missed its profit and cost targets for 2019 amid ultra-low interest rates in Europe and increased competition from U.S. rivals, forcing Ermotti to dial back some of the bank’s financial goals.
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