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UBS Chairman Backs CEO Hamers as ING Scandal Casts Shadow

  • Chairman also comments on his own succession in interview
  • Says UBS could consider deals in wealth or asset management
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WATCH: UBS Chairman Weber says China represents a golden opportunity on the back of a strong economic recovery and accelerated opening of the market.(Source: Bloomberg)
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UBS Group AG Chairman Axel Weber says he still backs Chief Executive Officer Ralph Hamers after a probe of his role in a money laundering scandal at his former employer, but declined to predict whether the new chief is here to stay.

Speaking in an wide-ranging interview at UBS’s Greater China Conference on Monday, Weber said that at the time of Hamers’s hiring, the matter had been settled between the Dutch prosecutor and ING Groep NV, which Hamers ran until last year. The chairman didn’t answer directly when asked whether he was confident that Hamers would continue to steer Switzerland’s largest bank.