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.
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