Dutch Bank ING Names New CFO
05 Dicembre 2018 - 1:09AM
Dow Jones News
By Tatyana Shumsky
ING Groep NV said controller Tanate Phutrakul will succeed Koos
Timmermans as chief financial officer early next year, following
the previously announced resignation of Mr. Timmermans.
The management reshuffle comes after the lender in September
agreed to pay a record EUR775 million ($897.2 million) penalty to
settle a probe by Dutch prosecutors into the failings of its
money-laundering controls.
ING later in September said Mr. Timmermans would step down.
Mr. Phutrakul will take over as CFO from Mr. Timmermans on Feb.
7, 2019 -- a day after the company releases its fourth quarter and
full-year 2018 results -- to ensure a smooth transition.
The bank's supervisory board also will nominate Mr. Phutrakul to
the executive board of ING Groep at the company's annual meeting in
April 2019. The appointments have been approved by the European
Central Bank, ING said.
Representatives from ING did not immediately return a request
for comment.
Mr. Phutrakul was most recently ING Groep controller, a role he
has held since Oct. 1. Prior to that, he served as the CFO of ING
Belgium since January 2015.
European regulators have been clamping down on financial
institutions, but are hampered by a patchwork of local legislation.
Fines imposed by European investigators since 2008 -- a total of
$1.7 billion -- have been much lower than the $23.5 billion levied
by the U.S., according to Fenergo Ltd., a consultancy firm.
Write to Tatyana Shumsky at tatyana.shumsky@wsj.com
(END) Dow Jones Newswires
December 04, 2018 18:54 ET (23:54 GMT)
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