ING to appoint Patrick Flynn as Chief Financial Officer
Amsterdam, ING announced today that the Supervisory Board intends to nominate Patrick Flynn (1960, Irish) for appointment to the Executive Board at the annual General Meeting of Shareholders of 27 April 2009. Upon appointment Patrick Flynn will become the new Chief Financial Officer of ING.
Patrick Flynn is currently Chief Financial Officer of HSBC’s global Insurance business, based in London. Previously he served as CFO for HSBC’s banking and insurance operations in South America from 2002-2006.
After joining HSBC in 1989 he held a number of roles in auditing, treasury, and finance and control. In 1995 he became Senior Manager of HSBC Group Finance, handling liquidity management, cash management, group balance sheet management and policy development. In 1998 he joined the finance department of the Group Treasury before becoming Head of International Finance Control in 1999, with oversight of financial control for the Group Treasury’s overseas businesses.
Patrick Flynn, who started his career at the auditing firm KPMG, is a Chartered Accountant and a Member of the Association of Corporate Treasurers. He also holds a bachelors degree in Business Studies from Trinity College Dublin.
Jan Hommen, Chairman of the Supervisory board and CEO-designate said: “I am extremely pleased that such a highly qualified professional as Patrick Flynn will join ING in the important position of CFO. With his experience in a broad number of roles in both banking and insurance, I am confident that Patrick will play a valuable role for ING in the coming years.”
Subject to approval by the Dutch Central Bank (DNB), Patrick Flynn will succeed John Hele who, as announced in October 2008, will leave ING and relocate to the United States for family reasons. As of 1 April 2009 he will become Chief Financial Officer of Arch Capital Group, a Nasdaq-quoted international insurer. Until the end of March, John Hele will complete the annual accounts and filings for the financial year 2008 and will work with Patrick Flynn on the transition of duties.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 125,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
Important legal information
Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, (XI) conclusions with regard to purchase accounting assumptions and methodologies, (XII) ING’s ability to achieve projected operational synergies. ING assumes no obligation to update any forward-looking information contained in this document.
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