ING Australia CEO to take up new regional role in 2008

ING Australia’s current Chief Executive Officer Paul Bedbrook is to relocate to Hong Kong by May 1, 2008 to take up the role of Regional CEO for ING Insurance Asia/Pacific.

In his new role Mr Bedbrook will have responsibility for Australia, New Zealand, Japan, and Malaysia, as well as regional responsibility for bancassurance. He will also have overall responsibility for ING’s 51% interest in ING Australia, the wealth management joint venture formed in 2002 between ING Group and ANZ Bank.

Hans van der Noordaa, Chairman of ING Insurance Asia/Pacific and a member of the Executive Board of ING Group said:”Over the past four years Paul has done an outstanding job leading ING Australia through many changes.

“He has achieved some outstanding results along the way. This was underlined recently by the posting of a record after tax profit of $311 million for the period ended September 30, 2007#an increase of 28% over the previous year.

“This appointment recognises Paul’s contribution to the success of ING in Australia, and I am delighted that Insurance Asia/Pacific will benefit from his extensive experience in senior management roles in funds management, direct banking and most recently retail wealth management.”

Mr Bedbrook was appointed CEO of ING Australia in July 2003. Prior to this he spent three years as CEO of ING Direct in Canada, taking the business from its start up phase to strong growth and profitability.

Commenting on his new appointment, Mr Bedbrook said: “During 2007, ING Australia has continued to strengthen its position as one of Australia’s major wealth managers and insurers.

“We have strong growth momentum, are upgrading our product offerings and operational effectiveness, as well as having developed a strong performance and service culture. We have most recently begun a major transformation programme to address future competitive and cost challenges

“Just over five and a half years into the joint venture between ING Group and the ANZ, ING Australia continues to have one of the strongest brands in the market for wealth management and protection.

“This is a wonderful business in an industry underpinned by strong superannuation flows, but where customers are benefiting from fierce competition and ever greater efficiency.”

Recruitment for Mr Bedbrook’s replacement is underway.