News Round Up

Big news round up this week starting with ING managing director Paul Fyfe  announcing he plans to retire in June next year, after 11 years at the helm of the company.

Fyfe, who has worked in the financial services sector for almost four decades, has reached agreement with the ING board – and key stakeholders – over a retirement date of June 2006.

The advanced date allows time for the recruitment of a replacement to develop and implement the group’s continued growth plans in New Zealand.

Its latest acquisition is likely to be National Bank’s managed funds and insurance business. ING says it is “in the final stages of acquiring the National Bank’s managed funds and insurance assets.”