Swiss bank UBS set to hire ING boss Ralph Hamers
Swiss bank UBS is reportedly set to name the chief executive of Dutch bank ING as its new chief executive.
The Financial Times reported that Ralph Hamers would take over from Sergio Ermotti who has been in post for more than eight years.
ING pulled a bond deal today, saying “information had come to the issuer, that needs to be studied”.
ING’s shares fell four per cent after the unexpected decision, which the FT said was made following Hamers notifying the board he was leaving the bank.
The report said UBS chair Axel Weber approached Hamers months ago, after it was decided Ermotti was not going to be kept on.
Ermotti has earned plaudits for helping rebuild the bank after the financial crisis, with a focus on wealth management.
However, the share price has fallen over the past year, hit by a €4.5bn (£3.8bn) fine in a French tax fraud case.
UBS and ING were contacted for comment.