ING CFO Timmermans to step down after $900 million fine

AMSTERDAM (Reuters) – ING Group (INGA.AS) said on Tuesday its Chief Financial Officer was stepping down in the wake of revelations the Dutch bank had failed to prevent money laundering for years and was forced to strike a 775 million euro ($900 million) settlement with Dutch prosecutors.

A man walks past the logo of ING Group NV at a branch office in Amsterdam, Netherlands January 9, 2014. REUTERS/Toussaint Kluiters/File photo

Koos Timmermans, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. He held key managerial positions at the company’s Netherlands banking operations in 2010-2016, the period prosecutors examined.

Reporting by Toby Sterling; Editing by Muralikumar Anantharaman

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