Friday 03 April 2020

ING chief executive Ralph Hamers to take over the helm at UBS

Photo: ING.com

ING chief executive Ralph Hamers is leaving the bank after a 29-year career to take over as CEO of Swiss banking group UBS.

Hamer, who has been ING’s CEO for six years, will leave the bank in June and take up his new role in September, where he will replace Sergio Ermotti.

His time at the helm of ING has been dogged by a number of incidents. In early 2018, ING was forced to withdraw a proposed 50% pay rise for Hamers following a political and public outcry. The CEO himself admitted that it had been a major error of judgement.

ING took a second hit that September when the public prosecution department said it had reached a €775m out of court settlement with the bank for failing to properly monitor money transfers for potential money laundering.

On Thursday, after the news of his departure had leaked to the press, ING issued a statement saying that Hamers has ‘transformed ING into a leading digital bank, and has put ING on the path to becoming the go-to financial platform for customers.’

‘He has created value for all stakeholders and played a leading role in driving sustainability efforts in the financial industry,’ the bank said.

ING said announcements about who will take over from Hamers will be made ‘if and when appropriate’.

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