IN BRIEF (Page 16)

ING exec to join rival

ING Groep NV said Chief Financial Officer John Hele will step down, less than a week after the insurer received a 10 billion-euro lifeline from the Dutch government and warned it will post its first quaterly loss.

Hele has decided to relocate to the US for family reasons and pursue his career outside ING, the Amsterdam-based company said yesterday in a statement. Hele, will leave ING as of March 31 next year and join Arch Capital Group Ltd as executive vice-president and CFO, the company said.