ING Group has announced its new CEO.

CEO of ING Belgium Ralph Hamers will take over the helm of ING as of Oct. 1 of this year, replacing Jan Hommen, who will step down as of that date.

Meanwhile, decisions regarding the composition of the board of directors of ING U.S. are pending in light of the company's planned IPO. The U.S. arm of the troubled Dutch company had filed with the Securities and Exchange Commission on Nov. 9, 2012 to raise up to $100 million in an initial public offering.

ING is also currently dealing with having to fill the terms of a 10 billion euro (US$12 billion) emergency bailout from the Dutch government hat it received in 2008. According to a recent update to the terms, ING has until 2015 to sell off its insurance and asset management units. For 2013, ING has also committed to selling more than 50% of the Asian insurance operations and at least 25% of ING U.S.

ING has already sold off parts of its assets, including its Latin-American insurance division and its investment management business in Thailand.

Hommen's current four-year term in the executive board will expires after the annual general meeting on May 13. But the supervisory board will propose his reappointment through Oct. 1 to "ensure a smooth leadership transition," said a company press release.

Hommen became the seventh CEO of ING and chairman of its executive board in 2009. He has been a member of ING Group's supervisory board since 2005 and its chairman since 2008.

Jeroen van der Veer, chairman of ING's supervisory Board, said in the release, "Under [Jan Hommen's] stewardship ING not only became financially stronger and less complex, but it also managed to put the customer again at the heart of the company. We are convinced that in Ralph Hamers we have found a successor who has the leadership style, skills and expertise to continue to execute the strategic course ING is on."

Hommen added, "Ralph Hamers is an excellent choice to carry on with the many tasks that still lie ahead on our road towards successful, independent futures for our Insurance and Banking businesses."

Meanwhile, Hamers said, "I am determined to build on the strong , customer-oriented foundation that Jan Hommen has laid for us. I look forward to working with Jan and the other Board Members towards the handover in October. "

Hamers has a background in retail and commercial banking and an excellent track record in risk management. He has been CEO of ING Belgium and Luxemburg since March 2011, playing a "pivotal role" in efforts to expand online sales channels and "modernise" the branches. He joined ING in 1991 and has held positions including general manager of ING Romania, CEO of ING Bank in the Netherlands, and head of network management for retail banking direct and international.

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