ING Direct CEO to step down

After 24 years with ING, Vaughn Richtor, CEO of ING DIRECT Australia and CEO of ING Retail Banking Asia has announced his retirement, effective mid-2016.

Richtor was founding CEO of ING DIRECT Australia creating Australia's sixth largest retail bank within 10 years between 1996 and 2006. He remained on the Board while pursuing his career with ING in Asia before returning to Australia as CEO 3.5 years ago.

In a statement from the bank, Aris Bogdaneris, head of challengers & growth markets ING Group, said: "I want to thank Vaughn for his dedication and commitment over the past 24 years. He is a passionate and energetic leader who has developed ING DIRECT Australia into today's strong bank with high engagement from customers and employees. With his broad international experience in both retail and wholesale banking, he has also played a significant role in growing ING's presence in the Asia-Pacific region. I am pleased that he will be succeeded by Uday, whose longstanding experience in retail banking will contribute to ING DIRECT Australia going from strength to strength."

Richtor will be succeeded by Uday Sareen, currently president of the Operating Management Committee at Kotak Mahindra Bank India.