ING Appoints CEO to Lead Asia-Pacific Insurance Business

Netherland-based financial services provider ING Group [85144] said it has appointed Frank Koster as chief executive officer for its Insurance Asia/Pacific business line, effective Oct. 1, 2009.

According to ING, the new CEO will relocate to Hong Kong and report to Hans van der Noordaa, a member of the group's management board for insurance with responsibility for Insurance Asia/Pacific and Europe.

Prior to the appointment, Koster has served at ING Group's headquarters in Amsterdam as general manager of corporate communications and affairs for more than three years.

In his new role, Koster will supervise development of the group's global brand positioning. He is also responsible for positioning ING Group and relationship management with key strategic stakeholders, including investors, media, employees, regulatory bodies and governments.

Koster jointed ING in 1996 and managed the insurance business of Nationale-Nederlanden in the Netherlands before taking up the position of chief marketing office at ING Life Korea in 2001. He then became CEO of ING Life India, the group's domestic life joint venture with Rajan Raheja Group, in 2004, supporting its nationwide expansion plan in India.

Van der Noordaa said the combination of Koster's experience in business units in the Asia/Pacific region and his experience at the group level working closely with the executive board gives him the "right insight" to lead Insurance Asia/Pacific at a time "when we see the region's customers looking to ING to help them manage their financial futures in a very challenging economic environment."

ING Insurance Asia/Pacific comprises the company's insurance and asset management operations in the region, offering life insurance products like annuity, endowment, unit-linked, universal life, term life and group life. Its general insurance products are marketed in Hong Kong and Malaysia.

Headquartered in Hong Kong, the insurance operations have 11 wholly-owned or joint venture businesses operating across nine countries, including Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, South Korea and Thailand.

(By Rebecca Ng, Hong Kong news editor: [email protected])