ING switches chief executives
Don Koch will leave Australia to fulfil his new role as chief executive of ING Bank Italy after three years as chief executive of ING Direct.
Koch will take the lead for the Italian branch of ING in August, managing all ING banking businesses in Italy - including ING DIRECT, commercial and wholesale activities.
As chief executive of ING DIRECT Australia, Koch oversaw the expansion of ING DIRECT into transactional banking, and focused the business on sustainable growth. He will give up his role on the board to pursue the new role.
Replacing Koch is Vaughn Richtor, who held the role from 1996 to 2005 overseeing the Australian launch. Richtor is a member on the ING DIRECT Australia board and will wear two hats; managing the business in Australia and also ING retail banking in India, Thailand and China.
Relocating from Singapore to Sydney, Richtor's appointment signifies the increasing importance of the Asian region for the group, ING said.
Koch leaves as ING moves into the financial adviser space.
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