ING replaces old guard at Baring with Dutchmen
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Your support makes all the difference.Demoting the old guard at Barings, ING yesterday appointed four Dutchmen as directors of the newly purchased merchant bank. Peter Baring, the former chairman of Barings, and Peter Norris, former head of securities, both at the centre of an official investigation into the bank's collapse, have been made advisers to the new bosses.
Hessel Lindenbergh, a board member of ING, the Dutch banking and insurance group, becomes chairman of Baring Holding Company Ltd. His co-directors are Onno van den Broek, head of ING's UK operations, and Lane Grijns, head of the bank's US business. These three have also been temporarily appointed directors of the banking division, along with Ted de Vries, and the securities division. Once the inquiry is completed by the Bank of England into who was responsible for the collapse of Barings, "definitive boards for the two companies will be established", ING said yesterday.
The only operating business that has kept on former Barings senior executives as directors is asset management, with John Bolsover promoted to chairman. This reflects the fact that the asset management division was removed from the control failures that led to Barings's collapse under £860m of derivative losses.
To avoid a run-in with the regulators, who had said they would refuse to approve any former Barings bank and securities directors becoming directors in the new companies, ING has set up a series of management committees. Andrew Tuckey and Michael Miles, the former deputy chairmen of Barings, are appointed to the new Baring bank management committee.
The Securities and Futures Authority, which regulates Barings, pointedly said yesterday it was only accepting the new senior management structure "pending completion of the review by the Board of Banking Supervision".It is believed that the SFA came under pressure from the Bank of England to accept the structure.
ING made clear yesterday that responsibility for risk, compliance, financial controls and related issues throughout the group will be in the hands of the three Dutch directors of Baring Holding Co.
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