UBS names ING chief Hamers to head Swiss banking giant

UBS has named ING Group CEO Ralph Hamers to succeed Sergio Ermotti as head of the Swiss banking giant.

The Dutchman will join UBS as a member of the bank's executive board on September 1 "in order to ensure a smooth leadership transition" before taking over the reins as chief executive officer on November 1.

"Ralph is the right CEO to lead our business into its next chapter," UBS chairman Axel Weber said in a statement late Wednesday.

Hamers, 53, joined ING Group in 1991 and has been chief executive since 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," the UBS statement said.

UBS, the world's largest wealth manager, lowered its medium-term profitability targets in January under pressure from low interest rates and other difficult market conditions.

Ermotti took over the helm of UBS in late 2011 and oversaw a massive restructuring of the bank after turmoil during the 2008 financial crisis.