ING Bank's financial markets group is appointing new heads for capital markets, sales/trading and research. The effort is part of the bank's plans to focus the group along functional lines, after years of regional fragmentation spurred by ING's expansion through acquisitions.
Within Western Europe, Philippe Follebouckt is now head of debt capital markets, while Dick Klaasse and André Habay are co-heads of sales and trading. Responsibility for the research function has not yet been finalized. Each new head has responsibility for investment-grade, high-yield and emerging market debt. ING is expected to finalize the new structure in the next few months, said Jon Tracey, spokesman.
Previously, functional responsibilities were very fragmented. In sales and trading, for example, Klaasse headed the ING Bank NV activities while Habay ran the desk for the Southwestern Europe division.