By Margot Patrick

UBS Group AG Chief Executive Sergio Ermotti is stepping down and will be succeeded by current ING Groep NV boss Ralph Hamers, a person familiar with the matter said Wednesday, marking another leadership change at a major Swiss bank.

Mr. Ermotti has been UBS's CEO since 2011 and was expected to announce his departure this year or next. He led UBS through a post-financial-crisis restructuring and repositioned it as a global wealth manager serving billionaires and entrepreneurs. Mr. Hamers, an ING veteran, has been that bank's chief executive since 2013.

UBS is expected to announce the appointment later Wednesday. The naming of the new CEO was first reported by the Financial Times.

The CEO of UBS's main Swiss rival, Credit Suisse Group AG, resigned earlier this month amid a spying scandal.

Write to Margot Patrick at margot.patrick@wsj.com

(END) Dow Jones Newswires

February 19, 2020 17:26 ET (22:26 GMT)

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