ING announced today that it will appoint Koos Timmermans (Dutch, 1960) as Vice-Chairman of the Management Board Banking as of 1 October 2011. Eric Boyer de la Giroday, currently Vice-Chairman of the Management Board Banking, will retire as of the same date.

Koos Timmermans, currently Chief Risk Officer and member of the Executive Board of ING Group, joined ING in 1996. He was previously Head of Treasury ING Insurance, Head of Corporate Market Risk Management and deputy CRO of ING Group. In his new role, Koos Timmermans will focus on aligning the strategy and operations of the bank with new and upcoming regulations and optimising the bank's balance sheet under these regulations.

Considering his new role, Koos Timmermans will step down from his roles as Chief Risk Officer and member of the Executive Board of ING Group and as member of the Management Board Insurance as of 1 October 2011.

Koos Timmermans will be succeeded by Wilfred Nagel (Dutch, 1956), who will be appointed Chief Risk Officer and member of the Management Board Banking and Management Board Insurance. The Supervisory Board also intends to propose to shareholders that Wilfred Nagel be appointed as member of the Executive Board and Chief Risk Officer of ING Group at the Annual General Meeting in May 2012. Until that moment, Patrick Flynn (CFO of ING Group) will assume the responsibility for Risk at ING Group level.

Wilfred Nagel, currently CEO of ING Bank Turkey, joined ING in 1991 and has held various positions including Global Head Credit Risk Management and CEO Wholesale Banking in Asia. Wilfred Nagel brings strong risk management skills as well as operational and international experience.

Eric Boyer started his career in 1978 at Citibank in Europe. In 1984 he joined Belgian bank BBL (acquired by ING in 1998), working in a range of managerial positions in the fields of capital markets, treasury and corporate banking. From 2004 to 2009 he served as a member of the Executive Board of ING Group, responsible for Wholesale Banking. Eric Boyer was appointed to the Management Board Banking in 2009 and became Vice-Chairman as of 1 January 2010. In May of this year, Eric Boyer was appointed Chairman of the Supervisory Board of ING Belgium, a position he will continue to hold after retirement from the Management Board Banking.

Jan Hommen, CEO of ING Group said:" I would like to thank Eric for his important and dedicated contribution to ING over the past 27 years. His broad experience in the financial industry and deep understanding of financial markets helped steer ING through the recent challenging years. His strong analytical skills and conceptual thinking have been invaluable. I am pleased that he will continue to serve ING in his role as Chairman of the Supervisory Board of ING Belgium."

The appointment of Wilfred Nagel is subject to formal approval by the Dutch Central Bank.