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Ralph Hamers has found a home in Switzerland. The new head of UBS does not live on Lake Zurich, but on Lake Zug. The low-tax canton is the new adoptive home of the head of UBS. This is evidenced by the commercial register documents. Tamedia newspapers mentioned it first.
Hamers has been in the pay of the ING Bank for nearly three decades. This spring it received the offer from UBS. He has been in office since November. He succeeds Sergio Ermotti from Ticino, who will chair the reinsurer Swiss Re.
Saying goodbye to ING-Bank was not easy for Hamers. He left his long-term employer in tears. His companions greeted him with moving words. The 20-year-old twins from Hamers also made an appearance. Stay in Holland.
Residence as a political issue
Hamers lives with his wife on Lake Zug. Taxes may also have been a reason for the deal. The maximum tax rate is 22.4%. It is a record. No other city in Switzerland can compete here.
For comparison: in the city of Zurich, the maximum tax rate for individuals is 40%. Yet some of the city’s biggest earnings remain loyal. Swiss Re President Walter Kielholz once said the move was not an option. “What should I do on a wet and shady slope?” He responded when “SonntagsBlick” asked him if he was thinking of moving to Freienbach SZ or low-tax Wollerau SZ.
UBS just commented on Hamers’ new home. “This is his private matter,” says a spokesperson. (ise)
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