NETHERLANDS – KAS Bank has named ING Group’s Albert Röell as successor to managing board chairman Sander von Balluseck.

This is not the first successor the group has named for its top executive. In November 2003 it said former ABN Amro executive Goebel would take over – only for him to withdraw for personal reasons in January this year.

The bank said Röell will join the managing board as of December 1 2004 and take over from von Balluseck at the next annual general meeting in May 2005. Röell is 45 and studied law in Utrecht.

“I am extremely pleased with the appointment of Albert Röell as my successor,” von Balluseck said. “He has a wealth of knowledge, a broad work experience within various environments and good communicative skills with a broad, external vision.

“Above all, he is an enthusiastic and inspiring team leader. I am therefore convinced that he will make a valuable contribution to KAS Bank’s future growth.”

Röell has been with ING Group since 1991 in various management positions – most recently as a director of private banking arm CenE Bankiers.

KAS added that the Dutch central bank has granted the required approval for the appointment.

Earlier this month KAS reported that its first-half net profit rose seven percent to 8.8 million euros and forecast a “healthy profit recovery”.

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