ING said yesterday that Jeroen Plag will replace Erik Versavel as country manager and head of clients in Korea. He will also become branch manager of ING Bank NV's Seoul office, subject to regulatory approval.
Plag's appointment became effective on March 1. He reports to Wilfred Nagel, chief executive officer of ING wholesale banking, Asia. Nagel says that he is "delighted that Jeroen will stay in Asia with his move to Korea -- a country to which we have a long-term commitment". He adds that, "with his high-level client contacts and his experience in some key areas relevant to our Korean franchise, I am confident that Jeroen will further build our business there".
Plag, a Dutch national who is 39 and has a BA in international economics, has been deputy head of corporate clients for Asia since 2007 and has previously held positions in ING's wholesale banking clients division in Amsterdam and New York. He has also worked on the foreign exchange trading and sales desks in Amsterdam.
Versavel has been relocated to Brussels where he will be head of the bank's Asia desk and in charge of the regional cross-over business of the bank's Asian and European customers.
Nagel thanked Versavel, "who has contributed immensely to the development of ING's wholesale banking franchise in Asia" and added that he is "pleased that he will continue to do so while helping clients from Asia and Benelux leverage ING's expertise for their financing needs".
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 50 countries. It employs about 125,000 people worldwide, but the bank declined to confirm its headcount in its Seoul office, which was set up in 1986.
The ING Group recorded a net loss of €1.065 billion ($1.34 billion) in the fourth quarter of 2008, but made a profit of €722 million for the full year. In October, there was local concern about ING's main Korean operations, ING Investment Management and ING Life, after a third quarter loss posted by the worldwide group and the injection of €10 billion by the Dutch government.
