Pınar Abay, approved by ING Bank Turkey Executive Board, will be appointed as the CEO of ING Bank Turkey, subject to BRSA approval.

Current CEO Wilfred Nagel, who will continue his duty until October 1st, will take the position thereafter as the Chief Risk Officer of the Management Board Banking and the Management Board Insurance.

ING Bank Turkey announced today that it will appoint Pinar Abay as the Chief Executive Officer of ING Bank Turkey as of 1 October 2011 subject to BRSA approval. Pınar Abay has been serving as a Partner of McKinsey & Company, one of the most prestigious international management consulting firms in the world.

Pınar Abay becomes the CEO of ING Bank Turkey

Pınar Abay is currently a Partner at McKinsey & Company as the Managing Partner responsible of the Turkish Banking and Financial Services Sector. Pınar Abay joined McKinsey & Company in Istanbul in 1998. During her career at McKinsey, in addition to Istanbul, she worked at the company’s New York and San Francisco offices serving several leading global financial institutions.  Abay is especially considered an expert in branch distribution, multichannel banking, banking strategy and operations across Europe. Pinar Abay, who has led several large bank transformations in Turkey, has wide experience in the Turkish banking sector.

Pınar Abay graduated with an M.A. degree in Economics from Bilkent University with high honors. She also has an MBA degree from Harvard Business School. Pınar Abay is married and has two children.

Pınar Abay will take office after receipt of BRSA approval.

Wilfred Nagel to become the Chief Risk Officer of ING

As ING announced on 4 August 2011, ING Bank Turkey CEO Wilfred Nagel will move to a new position in Amsterdam as the Chief Risk Officer of the Management Board Banking and the management Board Insurance, as of 1 October 2011.

Nagel, who has been appointed to his new position due to both his leadership skills and deep knowledge of risk management, said:  “I am both excited about my new role and also sad on leaving the ING Turkey team that I joined 1.5 years ago. During this period, I really enjoyed working with the team here and rebuilding our franchise in the highly promising market Turkey is. Despite being a relatively new member of the Turkish banking industry, we have so far made several innovations and strengthened our visibility across different areas.”

“Given our strong and continued commitment to the Turkish market, ING Board has decided to appoint a local CEO who can further build our presence in Turkey. We strongly believe our new CEO, Pınar Abay, with her wide experience and contribution to the Turkish banking sector, will successfully carry forward ING Bank’s operations in Turkey and continue to develop products and services that will continue to make a positive difference for our Turkish clients,” Wilfred Nagel added.

ING Group is a worldwide finance institution based in the Netherlands, offering services in banking, investment, life insurance and retail pension areas. Having more than 85 million retail and corporate customers in over 40 countries, the ING Group is helping its customers set the standards in managing their financial future with its 105.000 employees. Operating worldwide, from Asia to the Americas, from Europe to Australia, the ING Group was ranked 81st in “Interbrand Best 100 Brands” list in 2007, 7th in “Fortune Global 500” list and 6th in Fortune “Most Admired Financial Companies” list in 2009.

Having entered the Turkish market in 2007, ING Bank has 327 branches and more than 5500 employees in Turkey. ING Bank Turkey offers service with best solutions to help customers manage their financial future in retail, SME & Commercial, corporate and private banking and project financing areas. With its operational excellence approach and international service quality, along with its solid ethics and moral values, ING Bank aims to be the preferred bank for its customers and a top employer for its employees.