UBS CEO Probed Over ING Money Laundering Issues
- Court orders investigation into executive’s role at Dutch bank
- Separate case to probe ING as a company is rejected by court
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As Ralph Hamers starts to make his mark as UBS Group AG’s new chief executive officer, his past at the helm of Dutch bank ING Groep NV keeps coming back to haunt him.
A Dutch court ordered the public prosecutor to open a probe into Hamers’s role in ING’s past failures to comply with anti-money laundering rules, according to statements from the two banks on Wednesday. UBS said it has full confidence in the executive’s ability to lead the company.