Dutch banking giant ING Groep NV said on Friday its chief risk officer Steven van Rijswijk will succeed Ralph Hamers as chief executive officer and chairman of the executive board from July 1.

Hamers announced in February he is leaving ING to become CEO of Swiss bank UBS Group AG.

Van Rijswijk has worked at ING for more than 20 years.

ING employs more than 53,000 people in over 40 countries and its shares are listed on the exchanges of Amsterdam, Brussels and the New York Stock Exchange.

Hans Wijers, chairman of the ING supervisory board said: “We are very pleased to appoint Steven, following a broad and rigorous selection process.

“With almost 25 years at ING, of which three on the executive board, Steven has shown to have the right combination of experience, leadership skills and deep understanding of our business to lead ING into the next phase of our strategic direction.”

van Rijswijk said: “I am very proud and thankful for the confidence the supervisory board has expressed in me.

“After working so many years with our colleagues and customers around the world, I’m looking forward to further build on our efforts to strengthen ING and enhance our position as one of Europe’s leading digital banks.

“I want to thank Ralph for his tireless commitment to ING and excellent cooperation in the past years on the executive board and wish him well for the future.”

A selection process for a new chief risk officer is underway.

Until the appointment of a successor ING’s CFO Tanate Phutrakul will temporarily assume the responsibility for risk on the executive board.

The day-to-day risk management activities will be performed ad interim by Karst Jan Wolters, currently chief risk officer of ING Wholesale Banking who will report to Tanate Phutrakul.