Dutch Bank ING Names New CFO

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 [e-mail]

(END) Dow Jones Newswires

December 04, 2018 18:54 ET (23:54 GMT)

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