ING shares fall as CFO steps down amid money laundering admission

ING shares are lower Tuesday, as the Bank's CFO has announced plans to stand down in the wake of the money laundering scandal.

ING shares fall as CFO steps down amid money laundering admission

ING shares are lower Tuesday, following news the Dutch investment bank’s Chief Financial Officer has stepped down. After consulting with the ING Board, Koos Timmermans has announced his intention to leave the business.

He will remain in place while the financial services firm searches for his successor.

By 1225 BST, ING shares were 0.66% lower at €11.08. The stock has been moving lower since the bank was fined for its money laundering safeguarding failures.

ING’s CFO to leave

The announcement that Timmermans will leave ING, comes soon after the Dutch investment bank agreed to pay a €775 million fine. The fine was issued by Dutch financial prosecutors who accused ING of having lax financial controls in place, that made it easy for account holders to launder money.

The period of poor conduct by the bank was from 2010-2016. Timmermans was vice-chairman of the Management Board Banking, in 2011 and gained responsibility for the Market Leaders division in 2014. He was appointed chief financial officer in 2017.

“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,” Wijers said.

“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,” Wijers added.

ING thanks Timmermans

While Timmermans’ exit from ING is part of its efforts to ensure its financial controls are strong enough to help limit the level of illegal financial activity, the board thanked him for his hard work after over 20 years at the bank.

“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,” Wijers said.

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