By Caroline Henshaw
SYDNEY--The chief executive of ING Direct in Australia for the past three years is to take charge of ING's operations in Italy, the Dutch-owned lender said in a statement Monday.
Don Koch, who was involved in the restructuring of the bank's Australian operations and its push into transitional banking, will also step down from the board of ING Direct (Australia) from August, the statement said.
He will be replaced by Vaughn Richtor, who currently has direct responsibility for ING's strategic stakes in ING Vysya Bank in India, TMB Bank in Thailand and Bank of Beijing in China, according to the website of ING Direct (Australia). Mr. Richtor will continue in that role, the statement added.
Mr. Richtor arrived in Australia in 1995 to establish ING's operations that became ING Direct Australia, the website added.
"The appointment of Mr. Richtor reflects the increasing significance of the Australian market for ING Group as part of the Asia region," the bank said in the statement.
ING Direct Australia posted a 10% rise in net profit to A$304 million last year driven by a 6% increase in mortgage balances to A$37.4 billion.
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