After more than 28 years, Ralph Hamers is leaving ING. The 53-year-old CEO of one of the Netherlands' largest banks was named the new chairman of the board of Switzerland's largest bank UBS. Hamers, who has been CEO of ING since 2013, will be taking over from Sergio Ermotti at UBS, NOS reports.
Amsterdam is officially dealing with a bubble on the housing market, according to Swiss bank UBS. Amsterdam is tied with Hong Kong for the third most likely city to be experiencing a housing market bubble. Only Munich and Toronto were deemed at greater risk, UBS said in the report released on Monday.
UBS defines a bubble as "a substantial and sustained mispricing of an asset, the existence of which cannot be proven unless it bursts."
Amsterdam rose to the 5th place on Swiss bank UBS's ranking of cities with the highest risk of a house price bubble. In these cities home prices rose so fast compared to inhabitants' incomes, that there is a good chance that the housing market will collapse, Het Parool reports.
Hong Kong is first on the ranking, followed by Munich, Toronto and Vancouver. Amsterdam rose from 8th place last year to 5th this year, passing Sydney, London and Stockholm.
Triodos bank is the first Dutch bank to drop its interest rate to 0.0 percent. From April Triodos customers will no longer get any interest on their regular internet savings account, NOS reports. Triodos already had the lowest interest rate of all Dutch banks. In October the bank lowered its interest rate to 0.1 percent.
The Swiss Tax Authorities may give the Netherlands information about a group of Dutch clients at Swiss bank UBS, the highest court in Lausanne ruled on Monday. The Dutch Tax Authorities are looking for information on Dutch with hidden assets at the Swiss bank
The Swiss tax authorities have agreed to give the Netherlands information about Dutch nationals who have accounts with UBS, the largest bank in Switzerland. This only involves Dutch UBS account holders who could not prove that they have fulfilled their tax obligations