ING financial head leaves after Dutch govt bail-out

THE HAGUE: Dutch bank ING, which received a 10-billion-euro government injection over the weekend, announced Thursday the departure of its chief financial officer John Hele.

Hele will leave on March 31 next year, staying on to complete the bank's annual accounts and filings for the 2008 financial year, it said in a statement.

He will become the vice-president and chief financial officer of the US-based Arch Capital insurance group from April 1.

ING, one of the world's 20 biggest banks, received a 10-billion-euro (13.4-billion-dollar) cash boost on Sunday, part of the Dutch government's latest bid to save its banking sector from the global financial crisis.

ING had announced two days earlier that it expected a 500-million-euro net loss in the third quarter.

The bailout came two weeks after the government put 16.8 billion euros into the rescue of banking group Fortis.