ING reorganizes Private Banking group

ING has appointed Philippe Damas as the head of its new Private Banking group. Mr. Damas is currently INGÂ's UK country head and will take up his new position in early April 2002.

The new Private Banking group brings together all INGÂ's existing private banking activities within BBL, BHF, ING Bank and ING Baring Private Bank under one organization. The new Private Banking group sits within Executive Centre (EC) Europe and reports into ING Executive Board member and vice-chairman Michel Tilmant. Mr. Damas will become a member of the EC Europe Retail committee.

Mr. Tilmant said: 'ING already owns a number of successful businesses in the growing market of personal wealth management. The integration of these businesses into one unit will help us to deliver further improvements to new and existing clients seeking to protect and enhance their wealth.'

Igno van Waesberghe will replace Mr. Damas as INGÂ's head of the UK region (subject to regulatory approval). Mr. Van Waesberghe comes to ING after over 25 years at ABN Amro where he held a number of senior banking positions in the UK, Asia and the Netherlands.

(source: ING)

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