ING said that Jan Hommen will step down from his position as chief executive officer (CEO) of ING Group from 1 October and will be by Ralph Hamers, currently CEO of ING Belgium.
Hommen’s current four-year term on the executive board will expire after the annual general meeting (AGM) on 13 May. The supervisory board will propose to the AGM to re-appoint him for the period until 1 October to ensure a smooth leadership transition. Hamers will be nominated as a member of the executive board per the AGM. As of 1 October, he will succeed Hommen and become the eighth CEO of ING Group.
Hommen has been a member of the supervisory board of ING Group since 2005 and chairman since 2008. In 2009 he became CEO of ING Group and chairman of the executive board.
Following his appointment to the executive board, Hamers will also become a member of the management board banking (MBB) and management board insurance EurAsia (MBE), and as of 1 October he will succeed Hommen as CEO of the MBB and MBE. Decisions regarding the composition of the board of directors of ING US are pending in light of the company’s planned initial public offering (IPO).
Jeroen van der Veer, chairman of the supervisory board of ING Group said: “Over the past four years Jan Hommen has done an outstanding job, guiding ING through the most challenging period in its history. Under his stewardship ING not only became financially stronger and less complex, but it also managed to put the customer again at the heart of the company. We are glad he has agreed to stay on for another five months to ensure a seamless transition.
“We are convinced that in Ralph Hamers we have found a successor who has the leadership style, skills and expertise to continue to execute the strategic course ING is on.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.