Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks - S&P Global Ratings’ Credit Research

Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks

Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks - S&P Global Ratings’ Credit Research
Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks
Published Feb 20, 2020
3 pages (1282 words) — Published Feb 20, 2020
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Abstract:

LONDON (S&P Global Ratings) Feb. 20, 2020--S&P Global Ratings said today that Ralph Hamers' move to UBS Group AG (A-/Stable/A-2) from ING Groep N.V. (A-/Stable/A-2) appears an orderly process that is unlikely to affect either bank's credit profile materially. Our ratings on both banks are therefore unaffected. We expect both groups will continue to focus on delivering their respective strategic plans and financial targets, which prioritize improved profitability amid industrywide revenue headwinds. The banks announced yesterday evening that Mr. Hamers will remain ING's CEO until June 30, 2020, and join UBS on Sept. 1, 2020. He will succeed UBS' current CEO, Sergio Ermotti, with effect from Nov. 1, 2020. ING will comment on Mr. Hamers' replacement in due course. We

  
Brief Excerpt:

...February 20, 2020 LONDON (S&P Global Ratings) Feb. 20, 2020--S&P Global Ratings said today that Ralph Hamers' move to UBS Group AG (A-/Stable/A-2) from ING Groep N.V. (A-/Stable/A-2) appears an orderly process that is unlikely to affect either bank's credit profile materially. Our ratings on both banks are therefore unaffected. We expect both groups will continue to focus on delivering their respective strategic plans and financial targets, which prioritize improved profitability amid industrywide revenue headwinds. The banks announced yesterday evening that Mr. Hamers will remain ING's CEO until June 30, 2020, and join UBS on Sept. 1, 2020. He will succeed UBS' current CEO, Sergio Ermotti, with effect from Nov. 1, 2020. ING will comment on Mr. Hamers' replacement in due course. We think it is positive that both banks have several months to prepare the transition of management responsibilities. We believe that ING's governance is well advanced, and its board will be able to find an appropriate...

  
Report Type:

Bulletin

Issuer
UBS Group AG
GICS
Diversified Capital Markets (40203030)
Sector
Global Issuers, Structured Finance
Country
Switzerland
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks" Feb 20, 2020. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-UBS-Appointment-Of-ING-s-Ralph-Hamers-Is-Credit-Neutral-For-Both-Banks-2385196>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: UBS' Appointment Of ING's Ralph Hamers Is Credit Neutral For Both Banks Feb 20, 2020. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-UBS-Appointment-Of-ING-s-Ralph-Hamers-Is-Credit-Neutral-For-Both-Banks-2385196>
  
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