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ING CFO to leave following €775M settlement

Koos Timmermans will step down as CFO and an executive board member of ING Groep NV, a week after the banking group reached a €775 million settlement with Dutch authorities relating to an investigation into shortcomings on client on-boarding and the prevention of money laundering and corrupt practices at ING Netherlands.

From 2010 to 2016, the period covered by the probe, Timmermans was the management board member in charge of banking and for years had oversight over ING Netherlands. Timmermans joined the group in 1996 and became CFO in March 2017.

The group said a search process for a new CFO has commenced and added that Timmermans will keep his post until an appointment is completed, including shareholder and regulatory approvals.