ING’s CFO departs after it received €10 billion from Dutch government

John Hele, chief financial officer of financial services group ING, will leave the firm following the company’s agreement on October 19 to receive a €10 billion capital injection from the Dutch government.

According to a statement from ING, Hele has decided to relocate to the United States for family reasons. He will remain a member of ING’s executive board and chief financial officer until the end of March 2009, in order to complete the annual accounts and filings for the financial year 2008.

He joined ING in 2003 as chief insurance risk officer and served as chief financial officer from April 2007. Starting in April 2009, Hele will join Bermuda-based insurance company Arch Capital Group as chief financial officer.

ING is one of the many banks in Europe that have in recent weeks received state-supported recapitalisation. In exchange for its capital, the Dutch government will receive securities that “have largely the same features as shares”. The securities – issued at a price of €10 per unit - rank the same as common shares, so as not to dilute share capital held by existing investors.

According to ING, the transaction raises its Tier 1 capital ratio to around 8% and reduces its debt/equity ratio to approximately 10%.

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