‘Finance ministry wanted ING boss to go’

The finance ministry made the departure of ING CEO Michel Tilmant a condition of its latest bail-out for the financial services group, NOS tv reports, quoting sources in The Hague.

ING said that Tilmant is leaving because of market developments and his ‘personal condition’.
On Monday the government said it had agreed to shoulder 80% of the risk of an ING mortgage portfolio in the US, at a cost of €22bn. Finance minister Wouter Bos said at that time that Tilmant’s departure was the bank’s decision.
Tilmant left with a €1.3m golden handshake.

Thank you for donating to DutchNews.nl.

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation