Koos Timmermans to step down as CFO and member of the Executive Board of ING Group
September 11 2018 - 1:30AM
ING announced today that Koos Timmermans will step
down from his position as chief financial officer and member of the
Executive Board of ING Group and will leave the company. His
resignation follows the announcement on 4 September 2018 of the
settlement regarding shortcomings in the execution of customer due
diligence policies to prevent financial economic crime at ING
Netherlands. During the investigated period (2010-2016) Koos
Timmermans was a member of the Management Board Banking and for
several years end-responsible for ING Netherlands. In light of
these circumstances and in consultation with the Supervisory Board,
Koos Timmermans will step down.
"We deeply regret the shortcomings found and take
this matter very seriously," said Hans Wijers, chairman of the
Supervisory Board of ING. "Given the seriousness of the matter and
the many reactions among stakeholders since the announcement and in
the interest of the bank, we came to the conclusion it is
appropriate that responsibility is taken at Executive Board level.
We have a serious task ahead of us and the Executive Board is fully
committed to completing the various initiatives we have started at
ING Netherlands to further strengthen our handling of compliance
risks."
"We want to thank Koos for his many years of
dedication to ING. His efforts to align the bank's balance sheet
with new and upcoming regulation have strongly contributed to the
robust financial foundation ING has today. On behalf of all at ING,
we wish him all the best in his future endeavours."
Koos Timmermans joined ING in 1996 and was a
member of the executive team since 2007 when he was appointed as
the company's first chief risk officer on the Executive Board. In
2011 he became vice-chairman of the Management Board Banking. In
2014 he assumed responsibility for the Market Leaders division. He
was appointed chief financial officer in 2017.
The search process for a successor for Koos
Timmermans has been started. In order to facilitate an orderly
transition, Koos Timmermans has agreed to remain in his position
until the succession process, including approval by regulators and
shareholders, has been completed.
Note for editors
For further information on ING, please visit
www.ing.com. Frequent news updates can be found in the Newsroom or
via the @ING_news Twitter feed. Photos of ING operations, buildings
and its executives are available for download at Flickr. Footage
(B-roll) of ING is available via ing.yourmediakit.com or can be
requested by emailing info@yourmediakit.com. ING presentations are
available at SlideShare.
Press
enquiries |
|
Investor enquiries |
Raymond Vermeulen |
|
ING Group Investor
Relations |
+31 20 576 6369 |
|
+31 20 576 6396 |
Raymond.Vermeulen@ing.com |
|
Investor.Relations@ing.com |
|
|
|
ING PROFILE
ING is a global financial institution with a strong European base,
offering banking services through its operating company ING Bank.
The purpose of ING Bank is empowering people to stay a step ahead
in life and in business. ING Bank's more than 52,000 employees
offer retail and wholesale banking services to customers in over 40
countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA AS,
INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING
US, ING.N).
Sustainability forms an integral part of ING's strategy, evidenced
by ING's ranking as a leader in the banks industry group by
Sustainalytics. ING Group shares are included in the FTSE4Good
index and in the Dow Jones Sustainability Index (Europe and World),
where ING is also among the leaders in the banks industry
group.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain information
about ING Groep N.V. and/ or ING Bank N.V. within the meaning of
Article 7(1) to (4) of EU Regulation No 596/
2014.
Projects may be subject to regulatory approvals.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets,
(2) changes in performance of financial markets, including
developing markets, (3) potential consequences of European
Union countries leaving the European Union or a break-up of the
euro, (4) changes in the availability of, and costs associated
with, sources of liquidity such as interbank funding, as well as
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness,
(5) changes affecting interest rate levels, (6) changes
affecting currency exchange rates, (7) changes in investor and
customer behaviour, (8) changes in general competitive
factors, (9) changes in laws and regulations and the
interpretation and application thereof, (10) geopolitical
risks and policies and actions of governmental and regulatory
authorities, (11) changes in standards and interpretations
under International Financial Reporting Standards (IFRS) and
the application thereof, (12) conclusions with regard to
purchase accounting assumptions and methodologies, and other
changes in accounting assumptions and methodologies including
changes in valuation of issued securities and credit market
exposure, (13) changes in ownership that could affect the
future availability to us of net operating loss, net capital and
built-in loss carry forwards, (14) changes in credit ratings,
(15) the outcome of current and future legal and regulatory
proceedings, (16) operational risks, such as system
disruptions or failures, breaches of security, cyber attacks, human
error, changes in operational practices or inadequate controls
including in respect of third parties with which we do business,
(17) the inability to protect our intellectual property and
infringement claims by third parties, (18) the inability to
retain key personnel, (19) business, operational, regulatory,
reputation and other risks in connection with climate change,
(20) ING's ability to achieve its strategy, including
projected operational synergies and cost-saving programmes and
(21) the other risks and uncertainties detailed in the most
recent annual report of ING Groep N.V. (including the Risk Factors
contained therein) and ING's more recent disclosures,
including press releases, which are available on www.ING.com. Many
of those factors are beyond ING's control.
Any forward looking statements made by or on behalf of ING speak
only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction. |
PDF version of press
release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
ING Groep NV (EU:INGA)
Historical Stock Chart
From Aug 2024 to Sep 2024
ING Groep NV (EU:INGA)
Historical Stock Chart
From Sep 2023 to Sep 2024