
ING’s CFO departs after it received €10 billion from Dutch government
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%.
See also: ING becomes latest member of helping hand scheme
Eurozone governments unveil details of rescue plans
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