Dutch loan provider ing features established its successor as leader to ralph hamers, who is due to take control of swiss rival ubs this autumn.
Steven van rijswijk, just who functions as primary danger officer, will undoubtedly be promoted on top job at ing at the beginning of july when mr hamers departs.
Ubss statement in february it had chosen mr hamers to displace longstanding leader sergio ermotti amazed people as a result of the dutchmans lack of expertise in wealth management and financial investment banking. but mr hamers ended up being one of the most sought-after financial executives in europe, considering their experience with digitising ing. hsbc had earlier approached him to succeed john flint.
News of mr hamerss defection to ubs was viewed during the time as an element of a trend of succession planning at europes biggest banks, but efforts to hire brand new blood have been marred by the coronavirus crisis.
Mr van rijswijk is a 25-year veteran of ing, having worked in several parts of the business throughout his career.
Steven shows to truly have the right combination of experience, leadership skills and deep comprehension of our business to lead ing in to the after that stage of your strategic path, said hans wijers, president of ings supervisory board.
Mr van rijswijk joined ings administrator board three years ago having already been worldwide mind of customer protection during the companys wholesale financial unit. their previous roles included working in m&a, equity money areas and capital restructuring and consultative groups.
Mr van rijswijk said he was unfazed about leading the financial institution through covid-19 pandemic.
Society is evolving quickly, with developing technology, emerging players, brand new regulations and changing customer requirements, more and more requiring even more digitally delivered solutions, with transportation, he stated. i think our strategic path is completely geared towards fulfilling those needs.
Analysts viewed the visit of mr van rijswijk as a sign of continuity within team, given his lengthy tenure and involvement with its digitisation drive.
Ing is unlikely to undergo any dramatic changes in strategy to start with because we believe it has a definite and reputable method, and secondly given the interior nature associated with appointment, stated johan ekblom, an analyst at ubs.
Ings share price relocated little at 6.40 on the statement on friday as the marketplace had expected an internal successor to take-over from mr hamers.
Stefan nedialkov, an analyst at citigroup, stated he did not expect mr van rijswijk to carry out sweeping modifications to ings construction, though he noted the brand new leader would have to decide within the teams cost-heavy belgian procedure.
Mr van rijswijk inherits a great franchise, mr nedialkov said. we believe his immediate task will be to deal with the task from covid-19 on growth and asset quality, revenue pressures from reasonable prices and increasing conformity spend to come up with [return on concrete equity] above the price of equity. however the longer-term digital strategy will probably remain undamaged.