Bank head departs for Europe

by Adam Smith04 Jun 2012

A second-tier chief executive has announced his departure as he readies to take the reins of an Italian bank.

ING Direct Australia CEO Don Koch has been named chief executive of ING Direct Italy. Koch will oversee all ING banking businesses in Italy, including ING Direct, commercial and wholesale banking.

Koch will be replaced by Vaughn Rictor, a previous chief executive for the bank who oversaw its Australian launch and helmed the lender from 1996 to 2005.

Rictor will relocate from Singapore to Sydney for the role, and will continue to be responsible for retail banking in India, Thailand and China while overseeing the bank's Australian operations.