ING appoints new head of financial institutions for Asia

Jae Woong Park takes on the position that became vacant a few months ago when Mathew Welch left to join Daiwa Capital Markets.

ING Commercial Banking has appointed Jae Woong Park as its new head of financial institutions for Asia, replacing Mathew Welch who left the bank a few months ago. Park, who was previously head of financial institutions for Northeast Asia, started his new job on January 1, according to a release issued yesterday.

Park, a managing director, was previously based in Korea, but has moved to Singapore for his new role. He will report locally to Manolet Salak, who is head of clients and corporate finance for Asia, and functionally to Amsterdam-based Bart Schmeetz, who is global head of financial institutions for emerging markets.

Park will be responsible for building ING’s financial institutions (FI) business across the Asia-Pacific region and will work closely with the bank’s product partners and FI relationship managers in each country.

“With more than 20 years of experience in financial services in the region, [Park] will play a leading role to strengthen further our relationships with key financial institutions and extend ING’s capabilities throughout the region,” Vaughn Richtor, CEO of ING Banking Asia, said in a written comment. Richtor also noted that the appointment reflects ING’s commitment to the financial institutions sector.

Prior to joining ING Korea in January 2008, Park was head of financial institutions for Korea at Standard Chartered Bank.

Welch, who had been with ING since December 2008 and has worked in Asia for more than 20 years, left the Dutch bank to join the financial institutions group at Daiwa Capital Markets as head of banks for Asia (ex-Japan). Daiwa has been hiring aggressively for its investment banking arm in the past year and when Welch joined in early November he was accompanied by two other senior hires from Morgan Stanley and Deutsche Bank.

ING’s commercial banking division offers a wide range of international financial services, including corporate finance, financial markets, debt capital markets, corporate and structured lending, and M&A advisory services.

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