ING Group CFO Koos Timmermans To Step Down - Quick Facts

(RTTNews) - ING Group (ING) announced that Koos Timmermans will step down from his position as chief financial officer and member of the Executive Board and will leave the company. The Group said 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.

The Group said 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.

Hans Wijers, chairman of the Supervisory Board of ING, said: "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."