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ING Seeks to Calm Money-Laundering Uproar With CFO's Departure

Ross Larsen, Ruben Munsterman
ING Seeks to Calm Money-Laundering Uproar With CFO's Departure

ING Groep NV sacrificed one of Chief Executive Officer Ralph Hamers’s top deputies as the Dutch lender seeks to restore public trust in the wake of a money-laundering scandal. Chief Financial Officer Koos Timmermans will step down when a successor is found, the bank said. While ING said it fully backs the CEO, its supervisory board has already bowed to political pressure and reversed its earlier opposition to any board members resigning in connection with the investigation, which led to one of the biggest fines ever paid by a Dutch lender.