ING DIRECT has imported its new CFO from Romania following the retirement of 18-year veteran Glenn Baker.
Baker, whom ING lender says played a major role in the development of the Australian business and was instrumental in helping the lender obtain its banking license in 1994, was officially replaced on March 1 by Sander Aardoom.
Aardoom held the CFO and Deputy CEO roles at ING’s Romanian offices and says there are a number of differences between the two nations’ banking systems.
“Firstly, there is an important difference in the external environment. Romania is an emerging market with strong economic growth that slowed during the financial crisis. ING runs a different banking model in Romania. In Romania, the bank is active in both corporate and consumer banking, and operates a banking network next to direct and internet based distribution.”
He says tackling these differences will be one of his first tasks as CFO.
“First and foremost I will dedicate my time to obtaining a deep understanding of the specifics of the Australian market place and in particular what drives the needs of our banking customers. In the end, the essence of my role will be to support my colleagues in developing simple great value products with the aim of becoming our customers’ primary bank. As an integral part of this, I will be looking into opportunities to further optimise our balance sheet, among others by diversifying our funding base to maintain a foundation for long term sustainable growth in the Australian market.”
On a personal level, Aardoom says he and his family are thrilled to be relocating to the Southern Hemisphere.
“My family and I are really looking forward to living in Australia. All of us being sports fanatics, we hope to benefit from the great sports culture and opportunities we have seen here.”