ZURICH: UBS said on Wednesday it had "full confidence" in Chief Executive Ralph Hamers' ability to lead the Swiss wealth manager after a Dutch court ordered a probe into Hamers' role in overseeing anti-money laundering compliance at ING Group, his former employer.

"UBS takes note of the decision of the Dutch court to order the public prosecutor to open an investigation of Ralph Hamers, in his capacity as the former CEO of ING, relating to ING's anti-money laundering compliance," the Swiss bank said in a statement. "ING entered into a settlement with respect to this matter with the public prosecutor in 2018."