|Bid||7.92 x 38800|
|Ask||7.93 x 27000|
|Day's range||7.89 - 8.07|
|52-week range||4.52 - 12.44|
|Beta (5Y monthly)||1.36|
|PE ratio (TTM)||5.98|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||09 Aug 2019|
|1y target est||8.80|
Shares in bank UBS climbed almost 3% on Thursday after the Swiss firm announced the appointment of a new chief executive who has experience in developing digital business in finance. Zurich-based UBS said that Ralph Hamers, who is currently the head of Dutch bank ING Group, will join the board on Sept. 1 and start in his new position on Nov. 1. Hamers worked up the ranks since joining ING in the early '90s.
ZURICH/AMSTERDAM (Reuters) - UBS <UBSG.S>, the world's largest bank to the rich, named the head of ING <INGA.AS> as chief executive on Thursday, seeking to tap his tech knowledge after he transformed the Dutch lender into one of Europe's most successful online banks. Ralph Hamers' appointment heralds a shift in focus for the Swiss bank, which historically relied on its bankers' personal attention to customers to build a group managing more than $2 trillion of investments. ING, by contrast, is better known for its brash orange logo, mobile apps and online loan applications.
Dutch bank ING Groep NV's <INGA.AS> Italian business has reached a provisional deal with Milan prosecutors to settle a money-laundering investigation by paying 30 million euros (£25.77 million), two sources familiar with the matter said. Last year ING, the Netherlands' largest financial services provider, admitted criminals had been able to launder money through its accounts and agreed to pay 775 million euros to settle the case in its home country. The Italian investigation was launched at the beginning of this year after Milan prosecutors received requests for assistance from several other European countries, and in particular from Germany, where hundreds of people had reported online scams, the sources added.
ING Groep NV <INGA.AS> reported third-quarter underlying pretax profit of 1.91 billion euros ($2.13 billion), slightly above analyst expectations but less than a year ago, as regulatory costs rose and the bank's loan book shrank by a billion euros. Costs rose for ING as it hired employees to combat money laundering, with 500 new recruits in the past quarter, and now such employees account for 3,500 of its 53,500 employees. At this time a year ago, ING was fined 775-million euro for failing to spot money laundering being carried out by its customers.
Ralph Hamers made his plea as central banks redouble efforts to keep the cost of borrowing at historic lows to buoy the economy, a policy that weighs on bank profits and makes it costly to hold deposits. "I don’t think QE is a recipe to support an uncertain environment," Hamers told journalists, referring to so-called quantitative easing to print fresh money. Although bankers have previously made similar complaints, Hamers' blunt comments carry weight because his bank is one of Europe's largest, with 38 million customers.
Dutch lender ING Groep has decided against a tie-up with Germany's Commerzbank, German business daily Handelsblatt said in a pre-released report on Monday, citing financial sources. ING's management opted not to pursue the merger a month and a half ago, Handelsblatt reported, after Commerzbank chief executive Martin Zielke and ING boss Ralph Hamers met twice to discuss a potential deal.