Monday January 26, 07:08 AM
Head of troubled Dutch bank group ING resigns
THE HAGUE (AFP) - The chief executive of troubled Dutch bank and insurance group ING, Michel Tilmant, has resigned, the company said Monday as it announced it would shed 7,000 jobs worldwide this year.
"ING announced today that in light of the extraordinary developments over the past few months and given his personal condition, Michel Tilmant will step down from the Executive Board as of today," it said.
Tilmant, who will continue to be an advisor to the company until he steps down on August 1, is to be replaced by Jan Hommen, currently chairman of the supervisory board.
The Dutch government injected 10 billion euros (13.3 billion dollars) into ING in October to help it weather the economic crisis.
ING is one of the world's top 20 banks by market capitalisation, with 85 million clients and 130,000 employees.
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