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UBS: names new CEO from Dutch bank ING

( - Swiss wealth manager UBS has named Ralph Hamers from Dutch bank ING as its new chief executive on Thursday, a decision set to be effective 1 November.

In order to ensure a "smooth leadership transition," Hamers will join UBS as a member of the executive board on 1 September, the private bank said.

"Ralph is the right CEO to lead our business into its next chapter", said UBS board chairman Axel Weber.

"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," he added.

Hamers will succeed Sergio Ermotti, who has been UBS' CEO for the past nine years.

The UBS share was up 1.6% in Zurich following this announcement.

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