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February 07, 2016 11:51 PM ET

Banks

Company Overview of ING Bank (Australia) Limited

Company Overview

ING Bank (Australia) Limited provides banking and related services in Australia. It operates through three segments: Mortgages, Savings, and Commercial Loans. The company offers everyday bank accounts; savings products; and home loans, including variable and fixed rate home, line of credit, construction, and commercial loans. It also provides business products comprising business term deposits, commercial mortgages, and commercial property finance, superannuation products and services. The company was incorporated in 1971 and is based in Sydney, Australia. ING Bank (Australia) Limited operates as a subsidiary of ING Bank N.V.

140 Sussex Street

Level 14

Sydney, NSW 2000

Australia

Founded in 1971

1,019 Employees

Phone:

61 2 9028 4000

Fax:

61 2 9028 4708

Key Executives for ING Bank (Australia) Limited

Chief Executive Officer, Director and Member of Risk Committee
Age: 59
Chief Financial Officer
Chief Operating Officer
Age: 49
Vice-Chairman of Management Board and Chief Executive Officer of Commercial Banking
Age: 63
Chief Executive Officer of ING Group, Chief Executive Officer of Banking Operations and Chief Executive Officer of Insurance Operations
Age: 72
Compensation as of Fiscal Year 2015.

ING Bank (Australia) Limited Key Developments

ING Direct Announces CEO Changes

ING Direct announced on Jan. 22 that Uday Sareen was appointed as CEO, replacing Vaughn Richtor, who has decided to retire from the business in mid-2016. Sareen is currently president of the operating management committee at Kotak Mahindra Bank Ltd. He is expected to assume the CEO post at ING Direct in June. Richtor, who will also leave his position as ING Groep NV's CEO of retail banking for Asia, will continue to represent ING on the board of TMB Bank Thailand and act as an adviser to ING in the region.

ING Direct Australia Announces Earnings Results for the Full Year 2014

ING Direct Australia announced earnings results for the full year 2014. For the period, the company has increased net profit by more than 9% to $297 million.

Six Big Banks May Bid For ING Mortgage Portfolio

Macquarie Group Limited (ASX:MQG) and Bank of Queensland Ltd. (ASX:BOQ) along with four other banks are thought to be the most likely bidders for third tranche of AUD 1.5 billion mortgage portfolio.

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