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UBS Group has named the head of ING, Ralph Hamers, as the successor to Sergio Ermotti, the Swiss bank’s main govt.

In a shock announcement late on Wednesday, UBS said Mr. Hamers would go away Netherlands-based ING in June following a 29-calendar year career to be part of UBS, the world’s largest prosperity supervisor, in September.

Mr. Ermotti has invested close to a 10 years at UBS, profitable plaudits for overhauling its strategy following the economic crisis, reducing its financial investment financial institution and expanding its prosperity administration business enterprise.

But UBS missed its gain and expense targets for 2019 amid ultralow fascination costs in Europe and enhanced opposition from U.S. rivals, forcing Mr. Ermotti to dial back again some of its aims. UBS shares fell sharply final year, and the firm was strike by a 4.5 billion euro ($5 billion) fine in a French tax fraud circumstance.

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